State Codes and Statutes
Statutes > Utah > Title-63m > Chapter-01 > 63m-1-180363M-1-1803. Motion Picture Incentive Fund created -- Cash rebate incentives --Refundable tax credit incentives.
(1) (a) There is created within the General Fund a restricted account known as theMotion Picture Incentive Account, which shall be used to provide cash rebate incentives for:
(i) within-the-state production of television series;
(ii) made-for-television movies; and
(iii) motion pictures, including feature films and independent films.
(b) All interest generated from investment of money in the restricted account shall bedeposited in the restricted account.
(c) The restricted account shall consist of an annual appropriation by the Legislature.
(d) The office shall:
(i) with the advice of the board, administer the restricted account; and
(ii) make payments from the restricted account as required under this section.
(2) (a) A motion picture company seeking disbursement of an incentive allowed under anagreement with the office shall follow the procedures and requirements of this Subsection (2).
(b) (i) The motion picture company shall provide the office with a report identifying anddocumenting the dollars left in the state by the motion picture company for its state-approvedproduction, including any related tax returns by the motion picture company, payroll company, orloan-out corporation under Subsection (2)(c).
(ii) An independent certified public accountant shall:
(A) review the report submitted by the motion picture company; and
(B) attest to the accuracy and validity of the report, including the amount of dollars left inthe state.
(c) The motion picture company, payroll company, or loan-out corporation shall providethe office with a document that expressly directs and authorizes the State Tax Commission todisclose the entity's tax returns and other information concerning the entity that would otherwisebe subject to confidentiality under Section 59-1-403 or Section 6103, Internal Revenue Code, tothe office.
(d) The office shall submit the document described in Subsection (2)(c) to the State TaxCommission.
(e) Upon receipt of the document described in Subsection (2)(c), the State TaxCommission shall provide the office with the information requested by the office that the motionpicture company, payroll company, or loan-out corporation directed or authorized the State TaxCommission to provide to the office in the document described in Subsection (2)(c).
(f) Subject to Subsection (3), the office shall:
(i) review the report from the motion picture company described in Subsection (2)(b) andverify that it was reviewed by an independent certified public accountant; and
(ii) based upon the certified public accountant's attestation under Subsection (2)(b),determine the amount of the incentive that the motion picture company is entitled to under itsagreement with the office.
(g) Subject to Subsection (3), if the incentive is in the form of a cash rebate, the officeshall pay the incentive from the restricted account to the motion picture company,notwithstanding Subsections 51-5-3(23)(b) and 63J-1-104(4)(c).
(h) If the incentive is in the form of a refundable tax credit under Section 59-7-614.5 or59-10-1108, the office shall:
(i) issue a tax credit certificate to the motion picture company; and
(ii) provide a duplicate copy of the tax credit certificate to the State Tax Commission.
(i) A motion picture company may not claim a motion picture tax credit under Section59-7-614.5 or 59-10-1108 unless the motion picture company has received a tax credit certificatefor the claim issued by the office under Subsection (2)(h)(i).
(j) A motion picture company may claim a motion picture tax credit on its tax return forthe amount listed on the tax credit certificate issued by the office.
(k) A motion picture company that claims a tax credit under Subsection (2)(j) shall retainthe tax credit certificate in accordance with Subsection 63M-1-1804(5)(d).
(3) (a) Subject to Subsection (3)(b), the office may issue up to:
(i) (A) $7,793,700 in tax credit certificates under this part in fiscal year 2009-10; and
(B) $7,793,700 in tax credit certificates under this part in fiscal year 2010-11; and
(ii) $2,206,300 in motion picture cash rebates under this part in a fiscal year.
(b) If the total amount of tax credit certificates the office issues in a fiscal year is lessthan the amount of tax credit certificates the office may issue in that fiscal year under Subsection(3)(a)(i)(A) or (B), the office may issue the remaining amount of tax credit certificates in a fiscalyear after the fiscal year for which there is a remaining amount of tax credit certificates.
(c) Notwithstanding any other provision of this part or Section 59-7-614.5 or59-10-1108, beginning on July 1, 2011, the office may not issue a tax credit certificate unless:
(i) the Legislature expressly provides funding in the office's budget for the office to issuethe tax credit certificate; or
(ii) there is a remaining amount of tax credit that the office may issue in accordance withSubsection (3)(b).
Amended by Chapter 151, 2010 General Session
Amended by Chapter 278, 2010 General Session, (Coordination Clause)
Amended by Chapter 278, 2010 General Session
