Signed by Governor Martin O'Malley

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the income tax credit for film production to increase to $25 million, effective July 1, 2014.

Highlights:

• Authorizes a qualified film production entity to claim a credit against the State income tax for film production activities (Sec. 1).

• Requires the film production to submit an application to qualify for the tax credit which must provide the following information (Sec. 1):
• The projected total budget;
• The estimated number of employees and total wages to be paid; and
• The anticipated dates for the film production activity.

• Requires the total direct costs in Maryland to exceed $500,000 for a film production to be eligible for the income tax credit (Sec. 1).

• Prohibits the Secretary of Business and Economic Development from issuing tax credit amounts in the aggregate exceeding the following amounts (Sec. 1):
• $25 million for fiscal year 2014;
• $7.5 million for fiscal year 2015; and
• $7.5 million for fiscal year 2016.

Full Bill Text