The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including motion picture credits for taxable years beginning on or after January 1, 2016, to be allocated by the California Film Commission on or after July 1, 2015, and before July 1, 2020. Existing law, in the case where the credits allowed pursuant to these provisions exceed the tax liability of the taxpayer, allows a taxpayer to carryover the credit amount to reduce tax liability in the following taxable year, and succeeding 5 taxable years, until the credit has been exhausted.
This bill would, under both laws, extend the carryover period from 5 succeeding taxable years to 8 succeeding taxable years.
This bill would take effect immediately as a tax levy.

Statutes affected:
AB913: 17053.95 RTC, 23695 RTC, 25206.1 CORP
02/20/19 - Introduced: 17053.95 RTC, 23695 RTC, 25206.1 CORP
09/06/19 - Amended Senate: 17053.95 RTC, 23695 RTC, 25206.1 CORP