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