Refundable motion picture tax credit

# (1)

As used in this section:

# (a)

"Motion picture company" means a claimant, estate, or trust that meets the definition of a motion picture company under Section 63N-8-102.

# (b)

"Office" means the Governor's Office of Economic Development created in Section 63N-1a-301.

# (c)

"State-approved production" means the same as that term is defined in Section 63N-8-102.

# (2)

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 the 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)

(i) To assist the Revenue and Taxation Interim Committee with the review required by Section 59-10-137, 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 the office grants to each taxpayer 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 the office uses in granting a 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-8-105; and

(F) any other information that the Office of the Legislative Fiscal Analyst requests.

(ii) In providing the information described in Subsection (5)(a)(i), the office shall redact information that identifies a recipient of a tax credit under this section.

(iii) If, notwithstanding the redactions made under Subsection (5)(a)(ii), reporting the information described in Subsection (5)(a)(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)(a)(i) in the aggregate for all taxpayers that receive the tax credit under this section.

# (b)

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)(a).