CSSB 39(L&C) am H: "An Act repealing the film production tax credit; providing for an effective date by repealing the effective dates of secs. 31 - 33, ch. 51, SLA 2012; and providing for an effective date."
00 CS FOR SENATE BILL NO. 39(L&C) am H 01 "An Act repealing the film production tax credit; providing for an effective date by 02 repealing the effective dates of secs. 31 - 33, ch. 51, SLA 2012; and providing for an 03 effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 43.75.130(f) is amended to read: 06 (f) For purposes of this section, tax revenue collected under AS 43.75.015 07 from a person entitled to a credit under AS 43.75.035 or [,] 43.75.036 [, OR 08 AS 43.98.030] shall be calculated as if the person's tax were collected without 09 applying the credit; tax revenue collected does not include the amount of a tax credit 10 recaptured under AS 43.75.035(g) or 43.75.036(g). 11 * Sec. 2. AS 43.75.130(f), as amended by sec. 14, ch. 61, SLA 2014, is amended to read: 12 (f) For purposes of this section, tax revenue collected under AS 43.75.015 13 from a person entitled to a credit under AS 43.75.035 [OR AS 43.98.030] shall be 14 calculated as if the person's tax were collected without applying the credit; tax revenue
01 collected does not include the amount of a tax credit recaptured under 02 AS 43.75.035(g). 03 * Sec. 3. AS 43.77.060(e) is amended to read: 04 (e) For purposes of this section, tax revenue collected under AS 43.77.010 05 from a person entitled to a credit under AS 43.77.035 or [,] 43.77.045 [, OR 06 AS 43.98.030] shall be calculated as if the person's tax had been collected without 07 applying the credits. 08 * Sec. 4. AS 43.77.060(e), as amended by sec. 17, ch. 61, SLA 2014, is amended to read: 09 (e) For purposes of this section, tax revenue collected under AS 43.77.010 10 from a person entitled to a credit under AS 43.77.045 [OR AS 43.98.030] shall be 11 calculated as if the person's tax had been collected without applying the credits. 12 * Sec. 5. AS 44.25.135 is amended to read: 13 Sec. 44.25.135. Recovery of film production tax credit. (a) The Department 14 of Revenue [FILM OFFICE] may review, audit, and bring legal proceedings to 15 recover any amount of a tax credit awarded under former AS 44.25.125 and former 16 AS 44.33.235 [AS 44.25.125] from a producer or production that received the credit 17 if the Department of Revenue [TO WHICH A CREDIT WAS AWARDED IF THE 18 FILM OFFICE] determines that the film producer or production is liable for damages 19 to the state, or any political subdivision of the state. 20 (b) Legal proceedings may not be brought under (a) of this section more than 21 six years after the date the tax credit was awarded under former AS 44.25.125 and 22 former AS 44.33.235 [AS 44.25.125]. 23 * Sec. 6. Section 28(b), ch. 61, SLA 2014, is amended to read: 24 (b) For purposes of AS 43.75.130, tax revenue collected under AS 43.75.015 25 from a person entitled to a credit under AS 43.75.035 or [,] 43.75.036 [, OR 26 AS 43.98.030] shall be calculated as if the person's tax were collected without 27 applying the credit; tax revenue collected does not include the amount of a tax credit 28 recaptured under AS 43.75.035(g) or 43.75.036(g). For purposes of AS 43.77.060, tax 29 revenue collected under AS 43.77.010 from a person entitled to a credit under 30 AS 43.77.035 or [,] 43.77.045 [, OR AS 43.98.030] shall be calculated as if the 31 person's tax had been collected without applying the credits.
01 * Sec. 7. AS 24.20.271(12); AS 43.98.030; AS 44.25.100, 44.25.105, 44.25.110, 44.25.115, 02 44.25.120, 44.25.125, 44.25.130, 44.25.140, 44.25.145, 44.25.150, 44.25.190; and 03 AS 44.33.231(c) are repealed. 04 * Sec. 8. AS 44.25.135 is repealed July 1, 2021. 05 * Sec. 9. Sections 31 - 33, 35, 36(b), 36(c), 36(d), 37, and 38, ch. 51, SLA 2012, and secs. 06 15, 18, 24, 25, 28(c), and 30, ch. 61, SLA 2014, are repealed. 07 * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 TRANSITION. (a) Subject to AS 43.98.030(f), as that subsection read on June 30, 10 2015, limiting the number of tax credits provided in the aggregate under AS 43.98.030, as that 11 section read on June 30, 2015, the repeals in 12 (1) sec. 30, ch. 51, SLA 2012, do not prohibit the Department of Revenue 13 from determining a film production's qualified expenditures, awarding a tax credit, or 14 reviewing a tax credit for a production that received a notice of qualification under 15 AS 44.33.235 before July 1, 2013, under the provisions repealed by sec. 30, ch. 51, SLA 16 2012; 17 (2) sec. 7 of this Act do not prohibit the Department of Revenue from 18 determining a film production's qualified expenditures, awarding a tax credit, or reviewing a 19 tax credit for a production that received a notice of qualification under AS 44.25.125 before 20 July 1, 2015, under the provisions repealed by sec. 7 of this Act. 21 (b) To qualify for a film production tax credit under (a) of this section, a film 22 producer shall, before January 1, 2019, provide to the Department of Revenue a complete 23 production cost report detailing the qualified expenditures of the production, with verification 24 by an independent certified public accountant licensed in the state and approved by the 25 Department of Revenue, that the costs claimed in the report are qualified expenditures under 26 former AS 44.25.130 or former AS 44.33.236, as applicable, and that there is no outstanding 27 balance for a qualified expenditure that is due to a person in the state. The Department of 28 Revenue may not authorize a film production tax credit if the cost report is filed after 29 December 31, 2018. 30 (c) A film production tax credit may be used to offset taxes imposed under the 31 provisions identified in AS 43.98.030(c), or sold or exchanged for a transferable tax credit
01 certificate under AS 43.98.030(a), within six years after being provided by the Department of 02 Revenue, notwithstanding the repeal of AS 43.98.030 in sec. 7 of this Act. 03 (d) A film production tax credit that is being withheld under AS 44.25.125(h) may 04 continue to be withheld by the Department of Revenue, notwithstanding the repeal of 05 AS 44.25.125 in sec. 7 of this Act. 06 * Sec. 11. Sections 40 - 42, ch. 51, SLA 2012, are repealed. 07 * Sec. 12. Sections 1, 3, 5 - 7, and 9 - 11 of this Act take effect July 1, 2015. 08 * Sec. 13. Section 2 of this Act takes effect on the effective date of sec. 14, ch. 61, SLA 09 2014. 10 * Sec. 14. Section 4 of this Act takes effect on the effective date of sec. 17, ch. 61, SLA 11 2014. 12 * Sec. 15. Except as provided in secs. 12 - 14 of this Act, this Act takes effect immediately 13 under AS 01.10.070(c).