S 652 Session 125 (2023-2024) S 652 General Bill, By Davis
A bill
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING
SECTION 12-62-50, RELATING TO the TAX REBATE FOR certain motion picture
production companies, SO AS To increase the
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-62-50(A)(1) of the S.C. Code is amended to read:
(1) The South Carolina Film Commission
may rebate to a motion picture production company a portion of the South
Carolina payroll of the employment of persons subject to South Carolina income
tax withholdings in connection with production of a motion picture. The rebate
may not exceed twenty percent of the total aggregate South Carolina payroll for
persons subject to South Carolina income tax withholdings, and may not exceed
twenty-five percent for South Carolina residents, for persons employed in
connection with the production when total production costs in South Carolina
equal or exceed one million dollars during the taxable year. The rebates in
total may not
SECTION 2. Section 12-62-50 of the S.C. Code is amended by adding:
(E)(1)
In addition to the rebates allowed pursuant to subsection (A), the department
may rebate to a motion picture production company up to thirty percent of the
expenditures made by the motion picture production company in the State if the
motion picture production company has a minimum in-state expenditure of one
million dollars. This item does not apply to payroll paid for motion picture
production employees subject to this section or money paid to the companies
described in subitem (a)(ii) or (iii). The allocations to motion picture
production companies contemplated by this chapter must be made by the
department. The department shall report (2) Also,
the department may use a portion of the rebate allotment to fund the operations
for the South Carolina Film Commission and for the promotion of collaborative
production and educational efforts between institutions of higher learning in
South Carolina and motion picture-related entities. Any funds used by the
department pursuant to this item shall reduce the (3) The department, in conjunction with the South Carolina Film Commission, shall adopt rules and promulgate regulations necessary to administer this subsection.
SECTION 3. Section 12-62-60 of the S.C. Code is repealed.
SECTION 4. This act takes effect upon approval by the Governor. ----XX---- This web page was last updated on March 22, 2023 at 1:12 PM |