-Authorizes a transferable, nonrefundable income tax credit for those who invest money in a motion picture production certified by the Director of Development as a tax credit eligible production (Sec. 1).
-Requires that the credit amount be determined based on investment and eligible production expenditures (Sec.1).
-Prohibits tax credits for an investment $300,000 or less (Sec. 1).
- Authorizes that up to $100 million in tax credit certificates may be issued per year, but not more than $25 million in tax credit certificates may be issued in one production (Sec 1).
-Prohibits tax credits for productions such as: news, weather, financial market reports, sports, award shows, political advocacy productions, fundraising production, sexually explicit production, and productions produced by a motion picture company or person in default on a loan granted by the state (Sec. 1).