An Act To Promote Tourism and Foster Economic Development
Sec. 1. 5 MRSA §13090-L, as amended by PL 2011, c. 285, §1, is further amended to read:
§ 13090-L. Visual media production and major visual media production certification
(1) A news, current events or public programming show or a program that includes weather or market reports;
(2) A talk show;
(3) A sports event or activity;
(4) A gala presentation or awards show;
(5) A finished production that solicits funds; or
(6) A production for which records are required to be maintained by 18 United States Code, Section 2257.
To qualify for a visual media production certificate, a visual media production company must demonstrate to the satisfaction of the commissioner that the visual media production company has met, or will meet, the requirements of this subsection. If the department determines that the applicant does not qualify for a visual media production certificate, it must inform the applicant of that determination in writing within 4 weeks of receiving the application. As soon as practicable, the department shall issue a visual media production certificate for a visual media production that qualifies. The department shall include with the certificate information regarding the tax credit report under subsection 4 and procedures for claiming reimbursement under Title 36, chapter 919-A and the credit under Title 36, section 5219-Y.
Sec. 2. 36 MRSA §5219-NN is enacted to read:
§ 5219-NN. Certified major visual media production credit
Sec. 3. Application. This Act applies to tax years beginning on or after January 1, 2015.
This bill provides a fully refundable income tax credit for expenses and wages directly incurred in Maine by a major visual media production company, including for content that is produced for the Internet, in an amount of up to 25% of production expenses if the overall budget is greater than $1,000,000, not including wages for starring cast or the director, writer or producers. The credit must be claimed in the taxable year in which the major visual media production is completed.
A major visual media production company must submit a nonrefundable application fee, which is 0.2% of the estimated tax credit, but may be no less than $200 and no more than $5,000. The Department of Economic and Community Development may deny a certificate for a visual media production or a major visual media production for any reason. The department is required to deny a certificate if it would qualify the production for tax credits in excess of the funds appropriated for that purpose.