AB 1138: Income and corporate taxes: tax credits: motion pictures.

The bill aims to expand tax credits for motion pictures produced in California. It would allow single-member limited liability companies (LLCs) that are disregarded for tax purposes to elect to assign a portion of the credit to affiliated corporations. The bill would also expand the definition of a qualified taxpayer to include these LLCs. The bill would increase the credit amount for certain qualified motion pictures, including live-action and animated series, animated films, and large-scale competition shows. The credit amount would be 35% or 40% of qualified expenditures. The bill would also revise the definition of a qualified motion picture to include television series that completed principal photography more than 48 months prior to applying for an allocation. The bill would increase the aggregate amount of credits that can be allocated in a fiscal year to $750 million. It would a…