Senate Bill 231 proposes the establishment of a tax credit program aimed at supporting film production companies in Wisconsin. The bill introduces income and franchise tax credits equal to 30% of salaries paid to employees and production expenditures incurred by these companies for producing films, videos, broadcast advertisements, or television productions within the state. The total credits claimed cannot exceed $250,000 for each employee's salary, excluding the two highest-paid employees, for productions with budgets of $1,000,000 or more. Additionally, the bill creates the State Film Office within the Department of Tourism to oversee the accreditation process for productions and manage the allocation of tax credits, which is capped at $10 million per fiscal year.
The bill also outlines specific requirements for film production companies to qualify for these credits, including the need for accreditation from the State Film Office and compliance with various reporting and auditing standards. It mandates that the State Film Office submit annual reports to the legislature detailing credit applications and allocations, as well as recommendations for program improvements. Furthermore, the bill includes provisions for the transferability of credits and establishes a biennial performance evaluation audit of the accreditation program. Overall, the legislation aims to enhance the film industry in Wisconsin by providing financial incentives and establishing a structured oversight framework.
Statutes affected: Bill Text: 71.05(6)(a)15, 71.05