| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Price H.B. No. 4392 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to tax credits against franchise tax and sales and use tax | |
| 7 | 7 | for the moving image industry in this state. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Subchapter H, Chapter 151, Tax Code, is amended | |
| 10 | 10 | by adding Section 151.360 to read as follows: | |
| 11 | 11 | Sec. 151.360. CERTAIN FILM EXPENDITURES. | |
| 12 | 12 | A person is entitled to a credit against taxes imposed under | |
| 13 | 13 | this chapter in an amount equal to 30 percent of in-state | |
| 14 | 14 | expenditures related to the making of a film. | |
| 15 | 15 | SECTION 2. Chapter 171, Tax Code, is amended by adding | |
| 16 | 16 | Subchapter N to read as follows: | |
| 17 | 17 | SUBCHAPTER N. TAX CREDIT FOR CERTAIN FILM EXPENDITURES | |
| 18 | 18 | Sec. 171.701. CREDIT FOR CERTAIN FILM EXPENDITURES. | |
| 19 | 19 | A taxable entity is entitled to a credit against tax imposed | |
| 20 | 20 | under this chapter in an amount equal to 30 percent of in-state | |
| 21 | 21 | expenditures related to the making of a film. | |
| 22 | 22 | SECTION 3. This Act takes effect immediately if it receives | |
| 23 | 23 | a vote of two-thirds of all the members elected to each house, as | |
| 24 | 24 | provided by Section 39, Article III, Texas Constitution. If this | |
| 25 | 25 | Act does not receive the vote necessary for immediate effect, this | |
| 26 | 26 | Act takes effect September 1, 2021. |