This bill makes several changes to the Musical and Theatrical Production Tax Credits. It adds definitions for terms such as "national touring production," "advertising and public relations expenditure," "pre-Broadway production," "post-Broadway production," "production and performance expenditures," "qualified production facility," "Rhode Island resident," "Rhode Island film and television office," and "transportation expenditures." It also specifies the requirements for a production to be considered a national touring production and for an individual to be considered a Rhode Island resident for the purpose of eligibility for the tax credit.

The bill allows for a tax credit equal to 30% of the total production and performance expenditures and transportation expenditures for an accredited theater production, with a limit of $5,000,000. It also establishes that no more than $15,000,000 in total may be issued for any tax year for motion picture tax credits and/or musical and theatrical production tax credits. The bill allows for the tax credit to be carried forward for up to three succeeding tax years and allows for the tax credits to be assigned, transferred, or conveyed to another individual or entity. The bill also establishes the certification and administration process for these tax credits, including the submission of applications and cost reports, and extends the sunset date for these tax credits to July 1, 2027.