Signed by Governor Gina Raimondo

Vote Smart's Synopsis:

A vote to pass a bill that establishes film production tax credits.

Highlights:

• Defines "total production budget" as the motion picture production company's pre-production, production, and post-production costs incurred for the production activities of the motion picture production company in Rhode Island in connection with the production of a state-certified production (Sec. 1-b).

• Amends existing tax programs by allowing productions to waive primary location requirements even if the majority of filming isn't done within the state, as long as at least $10 million is spent in Rhode Island within a year (Sec. 1-a).

• Authorizes a motion picture production company to be allowed a credit of 30 percent of the state-certified production costs incurred directly attributable to activity within the state, provided that the primary locations are within the state of Rhode Island and the total production budget is at least $100,000 (Sec. 1-a).

• Specifies the credit shall not exceed $7 million and shall be allowed against the tax for the taxable period in which the credit is earned and can be carried forward for not more than 3 succeeding tax years (Sec. 1-c).

Full Bill Text