Senate Bill 204 proposes the establishment of a refundable video game production tax credit in Wisconsin. This credit is designed to incentivize the development, production, or creation of video games by allowing claimants to receive a credit equal to 30% of eligible wages and eligible expenditures directly related to these activities. The bill outlines specific definitions for "video game product," which excludes social media, gambling products, and obscene content, as well as details on what constitutes eligible expenditures and wages. To claim the credit, applicants must file an application with the Department of Revenue and provide an audit of their eligible expenditures.

The bill also includes several amendments to existing statutes, such as adding the new video game production credit to the list of credits under various sections, including 71.05 and 71.10. Notably, it creates new sections in the statutes, including 71.07 (12), which details the requirements and limitations for claiming the credit. Additionally, it specifies that the credit is refundable, meaning that if the credit exceeds the claimant's tax liability, they will receive the difference as a refund. Overall, the bill aims to support the video game industry in Wisconsin by providing financial incentives for production activities.

Statutes affected:
Bill Text: 71.05(6)(a)15, 71.05, 71.10(4)(i), 71.10, 71.21(4)(a), 71.21, 71.21(6)(d)3