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Film Incentives Head To Gubernatorial Desk
The
Senate voted on Tuesday to send a revised version of SB 1103 to the desk of the Governor. SB 1103
is aimed at increasing work in Michigan for those in the film industry and receiving
some income tax from higher-paid producers or actors from certain successful
projects. The bill had been changed by the House to include a seven-year
sunset, a change that Senate Majority Leader Randy Richardville (R-Monroe) said
he didn’t mind.
Senator
Richardville said the buzz that has built around the Michigan film industry is
“exciting” and helps keep young people in the state and attracts natives who
may have left the state to join the film industry elsewhere. SB 1103 would require an eligible production
company, affiliate entity or successor company to deal with residual payments
not otherwise subject to withholding under the state’s Income Tax Act in one of
two ways. The company can either elect
for a period of at least 10 years following the theatrical release of the
production to withhold taxes from the residual payments and pay the required
amounts to the state, or require above-the-line personnel to register to do
business under Michigan laws.
posted by PAA Online
,
Monday, December 15, 2014
10:35 AM
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