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 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 provides 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 accredited theater productions, including the need for a minimum production budget of one hundred thousand dollars and the process for obtaining tax credits. It establishes a framework for the certification of productions and the administration of tax credits, including provisions for the transfer of credits and the examination of claims by the Department of Parks, Recreation, and Tourism and the Department of Revenue. The act will take effect upon the Governor's approval and will apply to tax years beginning after 2024.

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