SB 390

Under existing law, qualified production companies are entitled to certain financial incentives to produce film projects, television projects, and other related entertainment industry projects within this state

This bill would provide an increase in the aggregate dollar amount of total available incentives for qualified production companies under the law through the fiscal year ending September 30, 2021

Relating to entertainment; to amend Section 41-7A-48, Code of Alabama 1975; to provide an increase in the aggregate dollar amount of total available incentives for qualified production companies under the law through the fiscal year ending September 30, 2021.

Section 1

Section 41-7A-48, Code of Alabama 1975, is amended to read as follows:

§41-7A-48.

Incentives granted pursuant to this article shall be limited as follows:

(1) For the fiscal year ending September 30, 2009, the aggregate cap of incentives granted under pursuant to this article shall not exceed five million dollars ($5,000,000) for all qualified production companies.

(2) For the fiscal year ending September 30, 2010, the aggregate cap of incentives granted under pursuant to this article shall not exceed seven million five hundred thousand dollars ($7,500,000) for all qualified production companies.

(3) For fiscal years ending September 30, 2011, and September 30, 2012, the aggregate cap of incentives granted under pursuant to this article shall not exceed ten million dollars ($10,000,000) for all qualified production companies.

(4) For the fiscal year ending September 30, 2013, the aggregate cap of incentives granted under pursuant to this article shall not exceed fifteen million dollars ($15,000,000).

(5) For the fiscal year ending September 30, 2014, the aggregate cap of incentives granted under pursuant to this article shall not exceed fifteen million dollars ($15,000,000) and for all subsequent fiscal years thereafter ending September 30, 2015, September 30, 2016, September 30, 2017, and September 30, 2018, the aggregate cap of incentives granted under this article shall not exceed twenty million dollars ($20,000,000) for all qualified production companies.

(6) For the fiscal year ending September 30, 2019, the aggregate cap of incentives granted pursuant to this article shall not exceed thirty million dollars ($30,000,000).

(7) For the fiscal year ending September 30, 2020, the aggregate cap of incentives granted pursuant to this article shall not exceed forty million dollars ($40,000,000).

(8) For the fiscal year ending September 30, 2021, the aggregate cap of incentives granted pursuant to this article shall not exceed fifty million dollars ($50,000,000)."

Section 2

This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law.