2023 Utah Code › Title 59 - Revenue and Taxation › Chapter 7 - Corporate Franchise and Income Taxes › Part 6 - Credits › Section 614.5 - Refundable motion picture tax credit.

Effective 7/1/2021
59-7-614.5.
Refundable motion picture tax credit.
(1) As used in this section:
(a) "Motion picture company" means a taxpayer that meets the definition of a motion picture company under Section 63N-8-102.
(b) "Office" means the Governor's Office of Economic Opportunity created in Section 63N-1a-301.
(c) "State-approved production" means the same as that term is defined in Section 63N-8-102.
(2) For a taxable year beginning on or after January 1, 2009, a motion picture company may 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 the tax credit certificate that the office issues to a motion picture company under Section 63N-8-103 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 credit under this section if the amount of the tax credit exceeds the motion picture company's tax liability for a taxable year.
(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules providing procedures for making a refund to a motion picture company as required by Subsection (4)(a).
(5)
(a) In accordance with Section 59-7-159, the Revenue and Taxation Interim Committee shall study the tax credit allowed by this section and make recommendations concerning whether the tax credit should be continued, modified, or repealed.
(b)
(i) Except as provided in Subsection (5)(b)(ii), for purposes of the study required by this Subsection (5), the office shall provide the following information, if available to the office, to the Office of the Legislative Fiscal Analyst by electronic means:
(A) the amount of tax credit that the office grants to each motion picture company for each calendar year;
(B) estimates of the amount of tax credit that the office will grant for each of the next three calendar years;
(C) the criteria that the office uses in granting the tax credit;
(D) the dollars left in the state, as defined in Section 63N-8-102, by each motion picture company for each calendar year;
(E) the information contained in the office's latest report under Section 63N-1a-306; and
(F) any other information that the Office of the Legislative Fiscal Analyst requests.
(ii)
(A) In providing the information described in Subsection (5)(b)(i), the office shall redact information that identifies a recipient of a tax credit under this section.
(B) If, notwithstanding the redactions made under Subsection (5)(b)(ii)(A), reporting the information described in Subsection (5)(b)(i) might disclose the identity of a recipient of a tax credit, the office may file a request with the Revenue and Taxation Interim Committee to provide the information described in Subsection (5)(b)(i) in the aggregate for all motion picture companies that receive the tax credit under this section.
(c) As part of the study required by this Subsection (5), the Office of the Legislative Fiscal Analyst shall report to the Revenue and Taxation Interim Committee a summary and analysis of the information provided to the Office of the Legislative Fiscal Analyst by the office under Subsection (5)(b).
(d) The Revenue and Taxation Interim Committee shall ensure that the recommendations described in Subsection (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 282, 2021 General Session