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A BILL TO BE ENTITLED
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AN ACT
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relating to tax credits against franchise tax and sales and use tax |
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for the moving image industry in this state. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter H, Chapter 151, Tax Code, is amended |
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by adding Section 151.360 to read as follows: |
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Sec. 151.360. CERTAIN FILM EXPENDITURES. |
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A person is entitled to a credit against taxes imposed under |
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this chapter in an amount equal to 30 percent of in-state |
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expenditures related to the making of a film. |
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SECTION 2. Chapter 171, Tax Code, is amended by adding |
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Subchapter N to read as follows: |
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SUBCHAPTER N. TAX CREDIT FOR CERTAIN FILM EXPENDITURES |
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Sec. 171.701. CREDIT FOR CERTAIN FILM EXPENDITURES. |
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A taxable entity is entitled to a credit against tax imposed |
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under this chapter in an amount equal to 30 percent of in-state |
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expenditures related to the making of a film. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2021. |