The bill H. 3832 aims to amend the South Carolina Code of Laws regarding film incentives, specifically by increasing the annual limit on tax rebates for motion picture production companies from ten million dollars to thirty million dollars. It allows for rebates of up to thirty percent of certain expenditures made by production companies in the state, provided they meet a minimum in-state expenditure of one million dollars. Additionally, the bill repeals Section 12-62-60, which pertains to the distribution of admissions taxes for rebates, and introduces a new section that establishes a tax credit for accredited theater productions, allowing taxpayers to claim a credit equal to thirty percent of their production and performance expenditures.

Furthermore, the bill outlines the definitions and requirements for obtaining an accredited theater production certificate, including the need for a minimum production budget of one hundred thousand dollars. It specifies that the total amount of tax credits allowed in a tax year cannot exceed two million dollars and includes provisions for the transfer of tax credits. The Department of Parks, Recreation, and Tourism is tasked with administering these credits and ensuring compliance with the new regulations. The bill is set to take effect upon approval by the Governor and will apply to tax years beginning after 2024.

Statutes affected:
01/29/2025: 12-62-50, 12-62-60, 12-6-3830
04/09/2025: 12-62-50, 12-62-60, 12-6-3830
04/14/2025: 12-62-50, 12-62-60, 12-6-3830
04/14/2025-A: 12-62-50, 12-62-60, 12-6-3830
Latest Version: 12-62-50, 12-62-60, 12-6-3830