Income taxes: credits: film: extension.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws, including a credit against those taxes for taxable years beginning on or after January 1, 2011, in an amount equal to a specified percentage of the qualified expenditures, as defined, attributable to the production of a qualified motion picture in California, or, where the qualified motion picture has relocated to California or is an independent film, as provided. Existing law requires the California Film Commission to allocate the tax credits until July 1, 2014, and limits the aggregate amount of credits that may be allocated to qualified motion pictures in any fiscal year to $100,000,000, through the 2013–14 fiscal year. This bill, under the Personal Income Tax Law and the Corporation Tax Law, would extend the California Film Commission's requirement to allocate the tax credits one additional year, until July 1, 2015. This bill would also extend the limit on the aggregate amount of credits that may be allocated through the 2014–15 fiscal year. This bill would take effect immediately as a tax levy.