§ 8712-D. Credit for qualified film production expenses
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 8, 2022
Effective: July 8, 2022
72 P.S. § 8712-D
Formerly cited as PA ST 72 P.S. § 8703-D
§ 8712-D. Credit for qualified film production expenses
<Section 24(4)(v) of Act 2022, July 8, P.L. 513, No. 53, provides that the addition of subsec. (b)(5.1) of this section by that Act shall apply to fiscal years beginning after June 30, 2022.>
<Section 24(4)(vi) of Act 2022, July 8, P.L. 513, No. 53, provides that the amendment of subsec. (b)(7.1) of this section by that Act shall apply to fiscal years beginning after June 30, 2022.>
(7.1) If a multifilm production application is submitted, the department shall consider the ability of the taxpayer to produce multiple films within this Commonwealth during the proposed period of production and the potential economic impact, including tourism impact, of the multiple films to this Commonwealth. The taxpayer may supplement the multifilm production application with additional films during the period of production. The department may annually extend the multifilm production application's period of production before the expiration of the period of production. The taxpayer may not include a film in the multifilm production application that was the subject of an application submitted under this subsection before January 1, 2022.
<Section 24(4)(v) of Act 2022, July 8, P.L. 513, No. 53, provides that the addition of subsec. (b)(7.2) of this section by that Act shall apply to fiscal years beginning after June 30, 2022.>
Upon determining the taxpayer has incurred or will incur qualified film production expenses, the department may approve the taxpayer for a tax credit. Applications not approved may be reviewed and considered in subsequent application periods. The department may approve a taxpayer for a tax credit based on its evaluation of the criteria under this subsection.
(b.1) Review and approval of applications for film production tax credit district activity.--For applications involving film production expenses incurred within a designated film production tax credit district authorized under section 1716.2-D,1 the department shall accept applications at any time. Applications shall be reviewed by the department utilizing the criteria required under subsection (b). Upon determining the taxpayer has incurred or will incur qualified film production expenses, the department shall approve the taxpayer for a tax credit utilizing the tax credits authorized under section 1716.2-D, not to exceed the amount authorized for the fiscal year.
Credits
1971, March 4, P.L. 6, No. 2, art. XVII-D, § 1703-D, added 2007, July 25, P.L. 373, No. 55, § 7, imd. effective. Amended 2012, July 2, P.L. 751, No. 85, § 15.1, imd. effective; 2013, July 9, P.L. 270, No. 52, § 27, imd. effective. Renumbered as § 1712-D and amended 2016, July 13, P.L. 526, No. 84, § 24, imd. effective. Amended 2017, Oct. 30, P.L. 672, No. 43, § 33, effective in 60 days [Dec. 29, 2017]; 2021, June 30, P.L. 124, No. 25, § 16, effective in 30 days [July 30, 2021]; 2022, July 8, P.L. 513, No. 53, § 9, imd. effective.
Footnotes
72 P.S. § 8716.2-D.
72 P.S. § 8712-D, PA ST 72 P.S. § 8712-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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