| 6 | 6 | | ANACT |
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| 7 | 7 | | Torepealsection135.750,RSMo,andtoenactinlieuthereofonenewsectionrelatingtotax |
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| 8 | 8 | | creditsforqualifiedmotionmediaprojects. |
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| 9 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 10 | 10 | | SectionA.Section135.750,RSMo,isrepealedandonenewsectionenactedinlieu |
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| 11 | 11 | | 2thereof,tobeknownassection135.750,toreadasfollows: |
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| 12 | 12 | | 135.750.1.Thissectionshallbereferredtoasthe"ShowMOAct". |
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| 13 | 13 | | 2 2.Asusedinthissection,thefollowingtermsmean: |
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| 14 | 14 | | 3 (1)["Highlycompensatedindividual",anyindividualwhoreceivescompensationin |
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| 15 | 15 | | 4excessofonemilliondollarsinconnectionwithasinglequalifiedfilmproductionproject] |
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| 16 | 16 | | 5"Above-the-lineindividual",anyindividualhiredorcreditedonscreenforaqualified |
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| 17 | 17 | | 6motionmediaproductionprojectasanytypeofproducer,principalcastthatisata |
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| 18 | 18 | | 7ScreenActorsGuildschedulefandabovepaymentrate,screenwriter,anddirector; |
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| 19 | 19 | | 8 (2)"Qualified[film] motionmediaproductionproject",anyfilm[, video, |
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| 20 | 20 | | 9commercial,ortelevisionproduction] orseriesproduction,includingvideos, |
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| 21 | 21 | | 10commercials,videogames,webisodes,musicvideos,content-basedmobile |
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| 22 | 22 | | 11applications,virtualreality,augmentedreality,multimedia,andnewmedia,aswellas |
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| 23 | 23 | | 12stand-alonevisualeffectsandpostproductionforsuchmotionmediaproductionproject, |
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| 24 | 24 | | 13asapprovedbythedepartmentofeconomicdevelopmentandtheofficeoftheMissourifilm |
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| 25 | 25 | | 14commission,thatfeaturesastatementandlogodesignatedbythedepartmentof |
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| 26 | 26 | | 15economicdevelopmentinthecreditsofthecompletedproductionindicatingthatthe |
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| 27 | 27 | | 16projectwasfilmedinMissouriandthatisunderthirtyminutesinlengthwith[an]expected |
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| 28 | 28 | | 17[in-stateexpenditurebudget] qualifyingexpensesinexcessoffiftythousanddollars[,] or |
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| 32 | 32 | | 20costs,"qualified[filmproduction] motionmediaproject"shallnotincludeany: |
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| 33 | 33 | | 21 (a)Newsorcurrenteventsprogramming; |
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| 34 | 34 | | 22 (b)Talkshow; |
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| 35 | 35 | | 23 (c)Productionproducedprimarilyforindustrial,corporate,orinstitutionalpurposes, |
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| 36 | 36 | | 24andforinternaluse; |
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| 37 | 37 | | 25 (d)Sportseventorsportsprogram; |
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| 38 | 38 | | 26 (e)Galapresentationorawardsshow; |
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| 39 | 39 | | 27 (f)Infomercialoranyproductionthatdirectlysolicitsfunds; |
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| 40 | 40 | | 28 (g)Politicalad; |
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| 41 | 41 | | 29 (h)Productionthatisconsideredobscene,asdefinedinsection573.010; |
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| 42 | 42 | | 30 (3)"Qualifyingexpenses",thesumofthetotalamountspentinthisstateforthe |
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| 43 | 43 | | 31followingbyaproductioncompanyinconnectionwithaqualified[film] motionmedia |
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| 44 | 44 | | 32productionproject: |
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| 45 | 45 | | 33 (a)Goodsandservicesleasedorpurchasedbytheproductioncompany.Forgoods |
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| 46 | 46 | | 34withapurchasepriceoftwenty-fivethousanddollarsormore,theamountincludedin |
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| 47 | 47 | | 35qualifyingexpensesshallbethepurchasepricelessthefairmarketvalueofthegoodsatthe |
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| 48 | 48 | | 36timetheproductioniscompleted; |
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| 49 | 49 | | 37 (b)Compensationandwagespaidbytheproductioncompanyonwhichthe |
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| 50 | 50 | | 38productioncompanyremittedwithholdingpaymentstothedepartmentofrevenueunder |
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| 51 | 51 | | 39chapter143.Forpurposesofthissection,compensationandwages[shallnotincludeany |
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| 52 | 52 | | 40amountspaidtoahighlycompensatedindividual] paidtoallabove-the-lineindividuals |
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| 53 | 53 | | 41shallbelimitedtotwenty-fivepercentoftheoverallqualifyingexpenses; |
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| 54 | 54 | | 42 (4)"Taxcredit",acreditagainstthetaxotherwisedueunderchapter143,excluding |
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| 55 | 55 | | 43withholdingtaximposedbysections143.191to143.265,orotherwisedueunderchapter148; |
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| 56 | 56 | | 44 (5)"Taxpayer",anyindividual,partnership,orcorporationasdescribedinsection |
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| 57 | 57 | | 45143.441,143.471,orsection148.370thatissubjecttothetaximposedinchapter143, |
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| 58 | 58 | | 46excludingwithholdingtaximposedbysections143.191to143.265,orthetaximposedin |
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| 59 | 59 | | 47chapter148oranycharitableorganizationwhichisexemptfromfederalincometaxand |
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| 60 | 60 | | 48whoseMissouriunrelatedbusinesstaxableincome,ifany,wouldbesubjecttothestate |
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| 61 | 61 | | 49incometaximposedunderchapter143. |
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| 62 | 62 | | 50 [2.ForalltaxableyearsbeginningonorafterJanuary1,1999,butendingonor |
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| 63 | 63 | | 51beforeDecember31,2007,ataxpayershallbegrantedataxcreditforuptofiftypercentof |
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| 64 | 64 | | 52theamountofinvestmentinproductionorproduction-relatedactivitiesinanyfilmproduction |
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| 65 | 65 | | 53projectwithanexpectedin-stateexpenditurebudgetinexcessofthreehundredthousand |
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| 66 | 66 | | 54dollars.ForalltaxableyearsbeginningonorafterJanuary1,2008,ataxpayershallbe |
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| 71 | 71 | | 59allowedataxcreditequaltotwentypercentofqualifyingexpenses. |
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| 72 | 72 | | 60 (2)Anadditionalfivepercentmaybeearnedforqualifyingexpensesifatleast |
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| 73 | 73 | | 61fiftypercentofthequalifiedmotionmediaproductionprojectisfilmedinMissouri. |
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| 74 | 74 | | 62 (3)Anadditionalfivepercentmaybeearnedforqualifyingexpensesifatleast |
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| 75 | 75 | | 63fifteenpercentofthequalifiedmotionmediaproductionprojectthatisfilmedin |
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| 76 | 76 | | 64MissouritakesplaceinaruralorblightedareainMissouri. |
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| 77 | 77 | | 65 (4)Anadditionalfivepercentmaybeearnedforqualifyingexpensesifatleast |
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| 78 | 78 | | 66threedepartmentsofthequalifiedmotionmediaproductionhireaMissouriresident |
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| 79 | 79 | | 67readytoadvancetothenextlevelinaspecializedcraftpositionorlearnanewskillset. |
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| 80 | 80 | | 68 (5)Anadditionalfivepercentmaybeearnedforqualifyingexpensesifthe |
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| 81 | 81 | | 69departmentofeconomicdevelopmentdeterminesthatthescriptofthequalifiedmotion |
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| 82 | 82 | | 70mediaproductionprojectpositivelymarketsacityorregionofthestate,theentirestate, |
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| 83 | 83 | | 71oratouristattractionlocatedinthestate,andthequalifiedmotionmediaproduction |
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| 84 | 84 | | 72providesnolessthanfivehighresolutionphotographscontainingcast,withtherights |
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| 85 | 85 | | 73clearedforpromotionalusebytheMissourifilmcommission,accompaniedbyalist |
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| 86 | 86 | | 74withthetitleofproduction,location,namesandtitlesoftheindividualsshowninthe |
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| 87 | 87 | | 75photographs,andphotographercredit. |
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| 88 | 88 | | 76 (6)Thetotaldollaramountoftaxcreditsauthorizedpursuanttosubdivision(1) |
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| 89 | 89 | | 77ofthissubsectionshallbeincreasedbytenpercentforqualifiedfilmproductionprojects |
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| 90 | 90 | | 78locatedinacountyofthesecond,third,orfourthclass. |
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| 91 | 91 | | 79 (7)Activitiesqualifyingataxpayerforthetaxcreditpursuanttothissubsectionshall |
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| 92 | 92 | | 80beapprovedbytheofficeoftheMissourifilmcommissionandthedepartmentofeconomic |
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| 93 | 93 | | 81development. |
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| 94 | 94 | | 82 4.Aqualifiedmotionmediaproductionprojectshallnotbeeligiblefortax |
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| 95 | 95 | | 83creditspursuanttothissectionunlesssuchprojectemploysthefollowingnumberof |
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| 96 | 96 | | 84MissouriregisteredapprenticesorveteransresidinginMissouriwithtransferable |
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| 97 | 97 | | 85skills: |
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| 98 | 98 | | 86 (1)Ifthequalifyingexpensesarelessthanfivemilliondollars,two; |
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| 99 | 99 | | 87 (2)Ifthequalifyingexpensesareatleastfivemilliondollarsbutlessthanten |
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| 100 | 100 | | 88milliondollars,three; |
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| 101 | 101 | | 89 (3)Ifthequalifyingexpensesareatleasttenmilliondollarsbutlessthanfifteen |
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| 102 | 102 | | 90milliondollars,six;or |
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| 103 | 103 | | 91 (4)Ifthequalifyingexpensesareatleastfifteenmilliondollars,eight. |
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| 105 | 105 | | 93submittinganapplicationtothedepartmentofeconomicdevelopment,onaformprovidedby |
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| 106 | 106 | | 94thedepartment.Aspartoftheapplication,theexpected[in-stateexpenditures] qualifying |
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| 107 | 107 | | 95expensesofthequalified[film] motionmediaproductionprojectshallbedocumented.In |
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| 108 | 108 | | 96addition,theapplicationshallincludeaneconomicimpactstatement,showingtheeconomic |
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| 109 | 109 | | 97impactfromtheactivitiesofthe[film] qualifiedmotionmediaproductionproject.Such |
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| 110 | 110 | | 98economicimpactstatementshallindicatetheimpactontheregionofthestateinwhichthe |
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| 111 | 111 | | 99[film] qualifiedmotionmediaproductionorproduction-relatedactivitiesarelocatedandon |
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| 112 | 112 | | 100thestateasawhole.Finalapplicationsshallbeaccompaniedbyareportbyacertified |
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| 113 | 113 | | 101publicaccountantlocatedandlicensedbythestateofMissouri,preparedattheexpense |
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| 114 | 114 | | 102oftheapplicant,attestingthattheamountsinthefinalapplicationarequalifying |
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| 115 | 115 | | 103expenses. |
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| 116 | 116 | | 104 [4.ForalltaxableyearsendingonorbeforeDecember31,2007,taxcreditscertified |
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| 117 | 117 | | 105pursuanttosubsection2ofthissectionshallnotexceedonemilliondollarspertaxpayerper |
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| 118 | 118 | | 106year,andshallnotexceedatotalforalltaxcreditscertifiedofonemillionfivehundred |
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| 119 | 119 | | 107thousanddollarsperyear.]6.Forall[taxable] taxyearsbeginningonorafterJanuary1, |
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| 121 | 121 | | 109thissectionforfilmproductionshallnotexceedatotal[foralltaxcreditscertified] of[four] |
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| 122 | 122 | | 110eightmillion[fivehundredthousand] dollarsperyear,andthetotalamountofalltax |
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| 123 | 123 | | 111creditsauthorizedbythissectionforseriesproductionshallnotexceedatotalofeight |
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| 124 | 124 | | 112milliondollarsperyear. Taxpayersmaycarryforwardunusedcreditsforuptofivetax |
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| 125 | 125 | | 113periods,providedallsuchcreditsshallbeclaimedwithintentaxperiodsfollowingthetax |
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| 126 | 126 | | 114periodinwhichthe[film] qualifiedmotionmediaproductionorproduction-relatedactivities |
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| 127 | 127 | | 115forwhichthecreditsarecertifiedbythedepartmentoccurred. |
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| 128 | 128 | | 116 [5.]7.Notwithstandinganyprovisionoflawtothecontrary,anytaxpayermaysell, |
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| 129 | 129 | | 117assign,exchange,conveyorotherwisetransfertaxcreditsallowedinsubsection[2]3ofthis |
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| 130 | 130 | | 118section.Thetaxpayeracquiringthetaxcreditsmayusetheacquiredcreditstooffsetthetax |
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| 131 | 131 | | 119liabilitiesotherwiseimposedbychapter143,excludingwithholdingtaximposedbysections |
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| 132 | 132 | | 120143.191to143.265,orchapter148.Unusedacquiredcreditsmaybecarriedforwardforupto |
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| 133 | 133 | | 121fivetaxperiods,providedallsuchcreditsshallbeclaimedwithintentaxperiodsfollowing |
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| 134 | 134 | | 122thetaxperiodinwhichthe[film] qualifiedmotionmediaproductionorproduction-related |
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| 135 | 135 | | 123activitiesforwhichthecreditsarecertifiedbythedepartmentoccurred. |
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| 136 | 136 | | 124 [6.]8.Undersection23.253oftheMissourisunsetact: |
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| 137 | 137 | | 125 (1)Theprovisionsofthe[new] programauthorizedunderthissectionshall |
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| 138 | 138 | | 126automaticallysunset[sixyearsafterNovember28,2007] onDecember31,2030, unless |
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| 139 | 139 | | 127reauthorizedbyanactofthegeneralassembly;and |
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