59-10-1108 - Refundable motion picture tax credit.
59-10-1108. Refundable motion picture tax credit.
(1) As used in this section:
(a) "Motion picture company" means a claimant, estate, or trust that meets the definitionof a motion picture company under Section 63M-1-1802.
(b) "Office" means the Governor's Office of Economic Development.
(c) "State-approved production" has the same meaning as defined in Subsection63M-1-1802(10).
(2) For taxable years beginning on or after January 1, 2009, a motion picture companymay claim a refundable tax credit for a state-approved production.
(3) The tax credit under this section is the amount listed as the tax credit amount on thetax credit certificate that the office issues to a motion picture company under Section63M-1-1803 for the taxable year.
(4) (a) In accordance with any rules prescribed by the commission under Subsection(4)(b), the commission shall make a refund to a motion picture company that claims a tax creditunder this section if the amount of the tax credit exceeds the motion picture company's taxliability for the taxable year.
(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thecommission may make rules providing procedures for making a refund to a motion picturecompany as required by Subsection (4)(a).
(5) (a) On or before October 1, 2014, and every five years after October 1, 2014, the UtahTax Review Commission shall study the tax credit allowed by this section and makerecommendations to the Revenue and Taxation Interim Committee and the Workforce Servicesand Community and Economic Development Interim Committee concerning whether the taxcredit should be continued, modified, or repealed.
(b) For purposes of the study required by this Subsection (5), the office shall provide thefollowing information to the Utah Tax Review Commission:
(i) the amount of tax credit the office grants to each taxpayer for each calendar year;
(ii) the criteria the office uses in granting a tax credit;
(iii) the dollars left in the state, as defined in Subsection 63M-1-1802(2), by each motionpicture company for each calendar year;
(iv) the information contained in the office's latest report to the Legislature under Section63M-1-1805; and
(v) any other information requested by the Utah Tax Review Commission.
(c) The Utah Tax Review Commission shall ensure that its recommendations underSubsection (5)(a) include an evaluation of:
(i) the cost of the tax credit to the state;
(ii) the effectiveness of the tax credit; and
(iii) the extent to which the state benefits from the tax credit.
Amended by Chapter 278, 2010 General Session