On March 18, 2016, Governor Herbert signed House Bill 162 which amends the existing tax credit program by increasing the reporting requirements for the motion picture production company.
UTAH (H 3)
On March 30, 2016, Governor Herbert signed House Bill 3, which amends the film incentive program by granting a one-time appropriation of $2 million for the 2017 fiscal year (July 1 - June 30). This is in addition to the $6.79 million in annual funding which the program receives each fiscal year.
Assembly Bill 9415 and Senate Bill 6987 propose to amend the film production tax credit program by adding 12 Counties in which a production company may earn an additional 10% on below-the-line salaries and wages for services performed within the county. The additional 10% is available for the period 2015 through 2019.
Assembly Bill 9489 proposes to amend the empire state film production tax credit program by explicitly including an animated short film, broadcast series and/or features to the definition of "qualified film". If enacted, this change would apply to taxable years beginning on or after January 1, 2017.
Senate Bill 7017 proposes to amend the empire state film production tax credit program by adding the counties of Rensselaer, Saratoga, Warren, and Washington to the list of certain counties in which a production company may earn an additional 10% of below-the-line wages and salaries for services performed within the county. The additional 10% is available for the period 2015 through 2019. If enacted, this change would take effect immediately and apply to tax years commencing on or after January 1, 2016.
Senate Bill 289 proposes to amend the motion picture tax credit program as follows:
Increases the funding cap for the biennium beginning July 1, 2015 from $40 million to $100 million with not more than $20 million allowed in the first year of the biennium; and,
Increases the funding cap for the biennium beginning on or after July 1, 2017 to $160 million with not more than $80 million allowed in the first year of the biennium.
Senate Bill 1551 proposes to amend the tax credit program as follows:
Allows the transferable film tax credit to be offset against the surtax on the sales tax (until phased out) and the surtax on the VAT, not the entire sales tax or VAT;
Allows 50% of the tax credit to be advanced once 50% of the spend has been approved;
Provides, in certain instances, for recapture of credit from grantee but not from the buyer; and,
House Bill 7936 and Senate Bill 2749 propose to amend the motion picture tax credit program by enhancing the reporting requirements related to the transfer or conveyance of transferable tax credits and to increase the level the state would redeem transferable credits to 100% of the value of the tax credits. If enacted, this act would take effect on January 1, 2017.
