This bill makes several changes to the Musical and Theatrical Production Tax Credits. It adds definitions for "national touring production" and "advertising and public relations expenditure" and includes the latter as a qualified expense for the tax credit. The bill also increases the maximum amount of the tax credit to $5,000,000 and limits the credit to certified production costs directly related to activities in the state and transportation expenditures. Additionally, the bill sets a limit of $15,000,000 for the total amount of tax credits that can be issued for motion picture and musical and theatrical productions in a tax year. The bill allows for the transfer or sale of unused tax credits.

This bill also allows individuals or entities to assign, transfer, or convey tax credits to others. The acquired credits can be used to offset up to 100% of tax liabilities for certain tax years. The bill establishes a certification and administration process for theater productions to qualify for tax credits, with the film office reviewing applications and issuing initial and final certifications. The tax administrator will then issue tax credit certificates to the production company. The bill also includes provisions for information requests, compliance with impact analysis and reporting, and extends the sunset date for the tax credits to July 1, 2027.