Courtsy of EP Incentive Solutions / April 2012:
Florida Governor Rick Scott signed the economic development bill (H7087) summarized in our newsletter last month. The new legislation amends the entertainment industry tax credits, effective March 28, 2012. For fiscal years 2012-2013, 2013-2014, 2014-2015, and 2015-2016, the aggregate amount of the tax credits that may be certified is $42 million per fiscal year.
A qualified production that incurs at least 67% (formerly, 85%) of its qualified expenditures within a region designated as an underutilized region at the time that the production is certified is eligible for an additional 5% tax credit. The cap on tax credits awarded for a high-impact television series has been raised to 45% (formerly, 25%) of total tax credits annually.
The definition of "digital media project" has been expanded to include an interactive website, digital animation, and visual effects, including, but not limited to, three-dimensional movie productions and movie conversions. A "high-impact digital media project" means a digital media project that has qualified expenditures greater than $4.5 million.
The sunset date has been extended to July 1, 2016; however, provisions regarding transfers of credits, rules, policies, and procedures, and revocation, forfeiture and penalties remain in effect until July 1, 2021. For further information, see our Florida jurisdiction page.
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