§ 8716-D. Limitations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 8, 2022
Effective: July 8, 2022
72 P.S. § 8716-D
Formerly cited as PA ST 72 P.S. § 8707-D
§ 8716-D. Limitations
<Section 24(4)(vii) of Act 2022, July 8, P.L. 513, No. 53, provides that the amendment of subsec. (a) of this section by that Act shall apply to fiscal years beginning after June 30, 2022.>
(a) Cap.--Except for tax credits reissued under section 1716.1-D,1 in no case shall the aggregate amount of tax credits awarded in any fiscal year under this subarticle exceed $100,000,000. The department may, in its discretion, award in one fiscal year up to:
The individual limitations on the awarding of film production tax credits apply to an advance award of film production tax credits under subsection (a) and to a combination of film production tax credits awarded against the current fiscal year cap and against the next succeeding fiscal year's cap.
(1) Except as set forth in paragraph (1.1) or (1.2), the aggregate amount of film production tax credits awarded by the department under section 1712-D(d)2 to a taxpayer for a film may not exceed 25% of the qualified film production expenses to be incurred.
(c) Qualified production facility.--To be considered a qualified production facility or qualified postproduction facility, the owner of a facility shall provide evidence to the department to verify the development or facility specifications and capital investment costs incurred for the facility so that the threshold amounts set in the definitions of “qualified production facility” and “qualified postproduction facility” are satisfied, and upon verification, the facility shall be registered by the department officially as a qualified production facility or qualified postproduction facility.
(d) Waiver.--The department may make a determination that the financial benefit to this Commonwealth resulting from the direct investment in or payments made to Pennsylvania facilities outweighs the benefit of maintaining the 60% requirement contained in the definition of “qualified film production expense.” If such determination is made, the department may waive the requirement that 60% of a film's total production or postproduction expenses be comprised of Pennsylvania production expenses for a film, television film or television series that is intended as programming for a national audience and is filmed or produced in a qualified production facility or qualified postproduction facility if the taxpayer who has Pennsylvania production expenses of at least $30,000,000 per production meets the minimum stage filming requirements.
(e) Pennsylvania film producer reserve.--The department shall annually reserve and allocate $5,000,000 of the tax credits authorized under this subarticle in support of projects produced by a Pennsylvania film producer. A Pennsylvania film producer shall not be limited in eligibility for a tax credit solely to the Pennsylvania film producer reserve in any fiscal year.
Credits
1971, March 4, P.L. 6, No. 2, art. XVII-D, § 1707-D, added 2007, July 25, P.L. 373, No. 55, § 7, imd. effective. Amended 2012, July 2, P.L. 751, No. 85, § 16, imd. effective. Renumbered § 1716-D and amended 2016, July 13, P.L. 526, No. 84, § 28, imd. effective. Amended 2019, June 28, P.L. 50, No. 13, § 11, effective July 1, 2019; 2022, July 8, P.L. 513, No. 53, § 10, imd. effective.
72 P.S. § 8716-D, PA ST 72 P.S. § 8716-D
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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