Creating a tax credit for expenses related to film production services and for capital investments made by a film production company, making an appropriation, and granting rule-making authority. (FE)
Impact
This bill has the potential to foster film and media production within Wisconsin, encouraging companies to base their operations and productions in the state. By providing significant financial incentives, the legislation aims to attract more film-related activities, contributing to the local economy through job creation and increased spending in the entertainment sector. However, the bill caps the total amount of tax credits allocated to $5 million per fiscal year, which means that budget constraints might limit the number of productions that can benefit from these incentives.
Summary
Assembly Bill 1125 is a proposal to create tax credits for film production companies in Wisconsin. The bill establishes a framework where film production companies can claim an income and franchise tax credit equal to 25% of wages paid to employees who work on film, video, broadcast advertisements, or television productions within the state. Additionally, companies can claim a credit for production expenditures incurred during filmmaking. To qualify, productions must meet certain criteria and receive approval from the newly established State Film Office, which will oversee the implementation of these tax credits.
Contention
One notable point of contention surrounding AB1125 may involve its funding and regulatory structure. Critics could argue that the limits on the amount of tax credits undermine the bill's effectiveness or raise concerns about how the funds are allocated, especially if there's significant competition for such credits. Moreover, the bill stipulates that partnerships, limited liability companies, and tax-option corporations are not eligible for these tax credits directly, which could spark debates about the fairness of allowing only certain types of entities to benefit from public funding in the film industry. Overall, while the bill could significantly boost Wisconsin's film economy, careful consideration will be needed to navigate its implications for taxpayers and local businesses.
Creating a tax credit for expenses related to film production services and for capital investments made by a film production company, making an appropriation, and granting rule-making authority. (FE)
Creating a tax credit for expenses related to film production services and for capital investments made by a film production company, granting rule-making authority, and making an appropriation. (FE)
Creating a tax credit for expenses related to film production services and for capital investments made by a film production company, granting rule-making authority, and making an appropriation. (FE)
Creating a tax credit for expenses related to film production services and for capital investments made by a film production company, making an appropriation, and granting rule-making authority. (FE)
Creating a tax credit for expenses related to film production services and for capital investments made by a film production company, granting rule-making authority, and making an appropriation. (FE)
Creating a tax credit for expenses related to film production services and for capital investments made by a film production company, granting rule-making authority, and making an appropriation. (FE)
Establishes Stay NJ property tax credit program; establishes Stay NJ Task Force; expands income limit and modifies ownership requirement for eligibility to receive homestead property tax reimbursement; enhances ANCHOR benefits for seniors; and makes appropriations.