March 2, 2010 | EDGE
There is a good article in today’s AJC which explains the tax credit law and gives clarity to the purpose behind Rep. Ron Stephens’ bill to amend that law. Here is the link to the article:
So, when you review the language in HB 1247 and compare it with current law, the purpose behind this bill is not to change the fundamentals of a very popular tax credit. Instead, it is to fine-tune some of the technicalities of the rights of a party buying or otherwise receiving a tax credit from the original production company (that party is the “transferee” referenced in current law and in the bill). Look at this language in the bill:
(e)(1) Where the amount of such credit or credits exceeds the production company’s liability or, pursuant to subsection (f) of this Code section and effective for tax years beginning on or after January 1, 2011, a production company transferee’s liability for such taxes in a taxable year, the excess may be taken as a credit against such production company’s or transferee’s quarterly or monthly payment under Code Section 48-7-103.
Hope this helps explain this bill a little better than the first time I wrote about it.
The Legislature returns to full time business this coming Monday, March 8. At that time, all committees will begin their regular schedules. I do not have any information regarding when the Ways and Means Committee will take up HB 1247, but I will report as soon as I do.