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 and allocation of tax credits. Film production companies can claim a credit equal to 30% of salaries paid to employees for services rendered in the state, with a cap on the total credits based on the first $250,000 of salary for each employee, excluding the two highest-paid employees. Additionally, companies can claim credits for production expenditures and sales taxes related to producing films, with the total credits allocated not exceeding $10 million per fiscal year.

The bill also mandates that the State Film Office submit annual reports to the legislature detailing credit applications and allocations, and it requires the Legislative Audit Bureau to conduct biennial performance evaluations of the program. New legal provisions are introduced to define terms related to the tax credits, including "accredited production" and "production expenditures," and to outline the application process for tax credits. The bill aims to enhance the film industry in Wisconsin by providing financial incentives while ensuring accountability and oversight through the established reporting and auditing mechanisms.

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