Montana 2023 Regular Session

Montana Senate Bill SB27

Introduced
12/5/22  
Refer
12/28/22  
Engrossed
1/23/23  
Refer
3/11/23  
Enrolled
5/1/23  

Caption

Revise MEDIA Act reporting requirements

Impact

The bill's modifications are anticipated to enhance the efficiency of claiming tax credits, potentially attracting more production companies to Montana. This could lead to increased investment in the state’s film and media industries, thereby contributing to job creation and local economic stimulation. The law outlines that only productions with a base investment of over $350,000 will be required to submit a verification report issued by a certified accountant, thereby reducing the administrative burden on smaller productions.

Summary

Senate Bill 27 aims to revise the reporting requirements for Montana's Economic Development Industry Advancement Film Tax Incentives. The legislation also amends the deadlines for submissions regarding production costs and the verification of production expenditure reports. By altering these parameters, the bill seeks to streamline the process for production companies and postproduction companies claiming available tax credits. This revision is expected to provide a clearer framework for engaging in film and media production within Montana while encouraging local economic growth.

Sentiment

General sentiment regarding SB27 appears to be supportive among industry stakeholders who see it as a necessary adaptation to better facilitate film production and economic development in Montana. Proponents argue that these changes will enable competitive positioning in the entertainment sector. However, there are concerns about ensuring that adequate checks remain to prevent tax credit abuse, thus highlighting a call for a balance between incentivizing growth and maintaining regulatory oversight.

Contention

While the bill enjoys support, there can be pointed discussions on how it will impact smaller production firms and whether it will lead to equitable access to the incentives provided under the tax credit scheme. Critics may argue that the tiered levels of investment required could marginalize smaller entities that contribute significantly to regional culture and the economy. Thus, discussions around SB27 reflect a broader contention of incentivizing large investment versus sustaining grassroots industry growth.

Companion Bills

No companion bills found.

Previously Filed As

MT SB14

Revise MEDIA Act film credit cap

MT HB897

Revise MEDIA Act film credit laws

MT HB844

Generally revise MEDIA Act film tax credits

MT SB326

Generally revise laws related to MEDIA Act film tax credits

MT SB550

Generally revise income tax laws and clarify income tax reform provisions

MT S4365

Revises certain requirements and award availability under film and digital media content production tax credit program.

MT A5565

Revises certain requirements and award availability under film and digital media content production tax credit program.

MT HB816

Revise distribution of surplus revenue

MT SB349

Ad Valorem Taxation of Property; setting of millage rates; revise provisions

MT HB1180

Income tax credit; film, gaming, video, or digital production; revise a definition

Similar Bills

MI HB6204

Economic development: obsolete property and rehabilitation; definition of core community; revise to reflect change in obsolete property rehabilitation act. Amends sec. 455 of 2007 PA 36 (MCL 208.1455). TIE BAR WITH: HB 5886'24

MT HB844

Generally revise MEDIA Act film tax credits

MT SB326

Generally revise laws related to MEDIA Act film tax credits

MT SB14

Revise MEDIA Act film credit cap

MT HB897

Revise MEDIA Act film credit laws

GA HB655

Income tax; postproduction expenditures; renew a tax credit

CT SB00176

An Act Concerning The Film Tax Credit.

CT SB00385

An Act Concerning The Amount Of The Digital Media Tax Credit.