Vote Smart's Synopsis:

Vote to pass a bill that limits the aggregate amount of film production tax credits to $45 million and establishes a timetable for the distribution of refunds, beginning July 1, 2011.

Highlights:

• Limits the aggregate amount of film production tax credits that may be approved in any fiscal year to $45 million (Sec. 2).

• Establishes a timetable for refunds to be distributed to the taxpayer as follows (Sec. 2):
• Refunds of less than $1 million shall be distributed within the 12 months following receipt of the refund claim;
• For refunds of $1 million to $5 million, half shall be distributed in the first year and half in the second year; and
• For refunds of $5 million or more, one third shall be distributed in the first year, one third in the second year, and one third in the third year.

• Specifies an effective date of July 1, 2011 (Sec. 8).

Full Bill Text