Assembly Bill 231 proposes the establishment of a tax credit program for film production companies in Wisconsin, aimed at incentivizing film production services and capital investments. The bill creates a new State Film Office within the Department of Tourism, which will oversee the accreditation of productions and the allocation of tax credits. Film production companies can claim a credit equal to 30% of salaries paid to employees working on accredited productions, as well as 30% of production expenditures incurred in the state. The total credits claimed cannot exceed $10 million per fiscal year, with a cap of $1 million for any single applicant. Additionally, the bill mandates that the State Film Office submit annual reports to the legislature detailing credit applications and allocations.

The bill also introduces specific definitions and requirements for accredited productions, including the need for a certified public accountant to ensure compliance with the program. It allows for the transfer of tax credits between entities and stipulates that partnerships and limited liability companies cannot directly claim credits but can allocate them to their members. The legislation aims to enhance the film industry in Wisconsin by providing financial incentives while ensuring accountability through performance audits and annual reporting.

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