Who may purchase certain contractual services and technical changes to tax provisions related to qualified retirement plans and the film production services credit

What it does

Summary by the Legislative Reference Bureau, the Legislature's nonpartisan drafting office. It's their wording, not ours.

Taxation Retirement Current law allows an individual to claim an income tax subtraction for the amount of the payments or distributions received each year from a qualified retirement plan or from an individual retirement account. The amount may not exceed $24,000 in any taxable year for an individual taxpayer or $48,000 in a taxable year for spouses filing a joint return. An individual or couple who claims the subtraction for a taxable year may not claim any state income tax credit under current law for that same taxable year. Under the bill, in addition to being prohibited from claiming any state income tax credit for the taxable year, the individual or couple may not claim the unused amount of any such credit in a subsequent taxable year. The bill also makes technical changes to the subtraction.

Film production tax credit Under current law, a film production company may claim an income and franchise tax credit equal to 30 percent of the salary or wages paid to its employees in this state for services rendered to produce a film, video, broadcast advertisement, or television production in this state. The total amount of the credit may not exceed the first $250,000 of salary or wages paid to each of the claimant’s employees in the taxable year. However, if the claimant’s budgeted production expenditures for that year are $1,000,000 or more, the salaries or wages paid to the claimant’s two highest-paid employees may not be used to claim the credit. Under the bill, a claimant may not use the salary or wages paid to the claimant’s two highest-paid employees in the taxable year to claim the credit if the claimant actual production expenditures for that year are $1,000,000 or more. The bill also makes technical changes to the the film production credit and the film production company investment credit.

Who's behind it

2 representatives are its authors⁠. 1 is a Democrat and 1 is a Republican.

3 more lawmakers signed on in support⁠.

Versions and amendments

Every text the Legislature printed for this bill, including proposed changes. Each opens on the Legislature's site.

• Amendment Histories
• LC Amendment Memo