The Commonwealth of Massachusetts
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In the Year Two Thousand and Seven.
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Striking out all after the enacting clause and inserting in place thereof the following:
“SECTION 1. Section 6 of chapter 62 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by inserting after the word ‘video’, in line 401, the following words:— , digital media project.
SECTION 2. Paragraph (2) of subsection (l) of said section 6 of said chapter 62, as so appearing, is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:- The credit shall be equal to 25 per cent of the total aggregate payroll paid by a motion picture production company that constitutes Massachusetts source income, when the total production costs incurred in the commonwealth equal or exceed $50,000 during the taxable year.
SECTION 3. Said subsection (l) of said section 6 of said chapter 62, as so appearing, is hereby further amended by striking out paragraph (6).
SECTION 4. Section 38T of chapter 63 of the General Laws, inserted by section 2 of chapter 158 of the acts of 2005, is hereby amended by inserting after the word ‘video’, in line 14, the following words:— , a digital media project
SECTION 5. Subsection (b) of said section 38T of said chapter 63, as appearing in said section 2 of said chapter 158, is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:- The credit shall be equal to 25 per cent of the total aggregate payroll paid by a motion picture production company that constitutes Massachusetts source income, when total production costs incurred in the commonwealth equal or exceed $50,000 during the taxable year.
SECTION 6. Said section 38T of said chapter 63, inserted by said section 2 of said chapter 158, is hereby amended by striking out subsection (f).
SECTION 7. Section 1 of chapter 64H, as appearing in the 2006 Official Edition is hereby amended by inserting after the word ‘video’, in line 50 the following words:- , a digital media project.
SECTION 8. Section 6 of said chapter 64H, as so appearing, is hereby amended by striking out, in lines 576 and 592, the figure ‘$250,000’ and inserting in place thereof, in each instance, the following figure:- $50,000.
SECTION 9. Notwithstanding any general or special law to the contrary, the commissioner of revenue shall annually, on or before December 31, report in writing to the house and senate committee on ways and means on the status of the film tax credit established pursuant to subsection (1) of section 6 of chapter 62, section 38T of chapter 63, inserted by section 2 of chapter 158 of the acts of 2005, and section 6 of chapter 64H of the General Laws. The report shall include, but not be limited to, the motion picture production activity generated by the tax credits and the net revenue impact of the tax credits.
SECTION 10. This act shall be effective for tax years beginning on or after January 1, 2007.”.