Tuesday, February 17, 2009

The Alabama House of Representatives passed a bill that would provide incentives to the Entertainment Industry

The Alabama House of Representatives convened this afternoon at 1:00 pm CST. The first bill for discussion was House Bill 69 introduced by Representative Lindsey relating to the development in Alabama of the entertainment industry. This bill targeted to attract investment for qualified productions and qualified production companies; to help encourage increased employment opportunities within the state for the entertainment industry and increased global competition with other states in fully developing economic development options in Alabama within the industry

HB69 would provide rebates for qualified production projects and exemptions for sales, use, and lodging taxes for production companies working in Alabama. Additionally it authorizes a rebate (income tax credit) equal to 25% of production expenditure (excluding payroll and benefits paid to Alabama residents) plus a 35% rebate of all payrolls, including benefits paid to Alabama residents working on the production.

With much praise to the sponsors and excitement for the bill, HB69 was voted favorably out of the House with a vote of 102 yeas and 0 nays.

No comments:

Post a Comment