Provide for increase in total MEDIA act film tax credits

2025 Regular Session

LC 3553 would raise the total MEDIA Act film tax credits to attract film production, boost local crews and jobs, and strengthen the state’s arts economy.

(LC) Draft Delivered to Requester

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Summary: LC 3553 — Provide for Increase in Total MEDIA Act Film Tax Credits

Overview
- Bill Number: LC 3553
- Title: Provide for increase in total MEDIA act film tax credits
- Status: Draft Delivered to Requester (LC)
- Introduced: December 14, 2024
- Classification/Subject: Arts and Antiquities; Revenue; State Taxation (General, Corporations, Individual Income); Taxation
- Primary purpose (as indicated by title): Increase the total amount of film tax credits available under the MEDIA Act to support film production within the state.

Purpose and Intent
- The bill appears designed to broaden or expand incentives for film production by increasing the total pool of film tax credits authorized under the MEDIA Act.
- Expected objective: bolster the state’s arts economy, attract film projects, support local crews and businesses, and potentially stimulate related tourism and investment.

Key Provisions (Based on available information)
- The only explicitly indicated provision is an increase to the total MEDIA Act film tax credits. The exact mechanisms (e.g., how much the cap would be increased, how credits are earned/allocated, eligibility criteria, transferability, or any caps per project) are not provided in the material available.
- Specific program details such as eligibility rules, calculation methods, cap structure (annual vs. multi-year), sunset provisions, reporting requirements, audits, or administration procedures are not included in the provided summary.

Who Would Be Affected
- Film production companies and independent film projects seeking state film tax credits.
- Local film industry workers and service providers (crew, post-production, union/non-union workers, vendors).
- State taxpayers who would fund the incentives through tax credits (holders redeeming credits against state tax liability).
- State revenue and tax administration departments responsible for approving, allocating, administering, and auditing tax credits.

Procedural and Timeline Aspects
- Legislative Actions:
- 2024-12-14: Drafter Assigned
- 2025-01-08: Draft in Final Drafter Review; Draft in Input/Proofing; Draft in Edit
- 2025-01-08/01-10: (LC) Draft in Legal Review; Draft Ready for Delivery
- 2025-01-10: (LC) Draft in Assembly; Draft Ready for Delivery
- 2025-01-13: (LC) Draft Delivered to Requester
- Current status indicates the bill is in the early drafting and internal review stages, with the next typical steps likely to include committee referrals, potential amendments, floor votes in the chamber(s), and eventual gubernatorial action if advanced.

Notes
- The available information does not include the bill text or specific numerical provisions. The above reflects the title, stated purpose, and the documented drafting/processing timeline.
- If you have access to the bill’s full text or fiscal notes, I can provide a more detailed section-by-section summary, including exact changes to the statutory language, fiscal impact, and any sunset or renewal terms.