SB461 Alabama 2011 Session

Summary

Primary Sponsor

Del Marsh

Republican

Session

Regular Session 2011

Title

Entertainment industries, tax incentives for qualified production companies, rebate of certain production expenditures, application process, approval by Alabama Entertainment Incentive Rebate Review Board, audit requirements, administration by Alabama Development Office, board composition, duties, Secs. 41-7A-42, 41-7A-43, 41-7A-44 am'd.

Description

Under existing law, tax incentives are available to qualified production companies that engage in qualified productions associated with the entertainment industry in the state that provide economic and job opportunities.

This bill would revise parts of the Entertainment Industry Incentive Act of 2009 to create a process by which a company could be designated a qualified production company for purposes of receiving an entertainment industry tax incentive in the form of a rebate on certain expenses associated with entertainment content.

This bill would require a company seeking status as a qualified production company to file an application with the Alabama Development Office.

This bill would provide that the Alabama Development Office and the department would each prepare a separate economic and incentive impact report on the application.

This bill would create an Alabama Entertainment Incentive Review Board to review the economic and incentive impact report and to approve the application. The bill would require the Department of Revenue to confirm the amount of any rebate. This bill would require approved applicants to register with the Secretary of State.

This bill would also require an independent certified public accountant to conduct an audit upon completion of the qualified project for which an incentive is awarded.

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Subjects

Economic Development