Senate Bill 231 proposes the establishment of a tax credit program aimed at incentivizing film production in Wisconsin. The bill introduces income and franchise tax credits for film production companies, allowing them to claim a credit equal to 30% of salaries paid to employees for services rendered in the state, as well as 30% of production expenditures incurred during the taxable year. The total credits claimed cannot exceed the first $250,000 of salary paid to each employee, 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 and allocation of these tax credits, with a cap of $10 million in credits allocated per fiscal year.

The bill also mandates that the State Film Office submit annual reports to the legislature detailing credit applications and allocations, along with recommendations for program efficiency. Furthermore, it requires the Legislative Audit Bureau to conduct biennial performance evaluations of the accreditation program. New sections of the statutes are created to define the roles and responsibilities of the State Film Office, the criteria for accredited productions, and the specifics of the tax credits available. The bill aims to enhance the film production industry in Wisconsin by providing financial incentives and establishing a structured oversight mechanism.

Statutes affected:
Bill Text: 71.05(6)(a)15, 71.05