TITLE: Relating to tax credits against franchise tax and sales and use tax for the moving image industry in this state.

SUMMARY: Relating to tax credits against franchise tax and sales and use tax for the moving image industry in this state.

FULL TEXT:
AN ACT relating to tax credits against franchise tax and sales and use tax for the moving image industry in this state. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter H, Chapter 151, Tax Code, is amended by adding Section 151.360 to read as follows: Sec. 151.360. CERTAIN FILM EXPENDITURES. A person is entitled to a credit against taxes imposed under this chapter in an amount equal to 30 percent of in-state expenditures related to the making of a film. SECTION 2. Chapter 171, Tax Code, is amended by adding Subchapter Nto read as follows: SUBCHAPTER N. TAX CREDIT FOR CERTAIN FILM EXPENDITURES Sec. 171.701. CREDIT FOR CERTAIN FILM EXPENDITURES. A taxable entity is entitled to a credit against tax imposed under this chapter in an amount equal to 30 percent of in-state expenditures related to the making of a film. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.