Income taxes: credits: motion pictures: qualified post production costs.

The Personal Income Tax Law and the Corporation Tax Law allow 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 an applicable percentage of either 20% or 25%, respectively, of the qualified expenditures, as defined, attributable to the production of a qualified motion picture in California, or, where the qualified motion picture is a television series that relocated to California or is an independent film, as provided. Existing law imposes specified duties on the California Film Commission related to the administration of the credits, including a requirement to allocate the tax credits until July 1, 2017, 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 2016–17 fiscal year. This bill would allow credits under the Personal Income Tax Law and the Corporation Tax Law for taxable years beginning on or after January 1, 2015, to be allocated by the California Film Commission on and after July 1, 2015 and before July 1, 2020, in an amount equal to 25% of qualified post production costs, as defined, for qualified motion pictures. This bill would limit the aggregate amount of these new credits to be allocated in each fiscal year to an unspecified amount, and would impose specified duties on the California Film Commission related to the administration of the credits, including a requirement to allocate the tax credits until July 1, 2020. This bill would take effect immediately as a tax levy.