701—58.19 (15,422) Film qualified expenditure tax credit. Effective for tax years beginning on or after January 1, 2007, a film qualified expenditure tax credit is available for franchise tax. The tax credit is equal to 25 percent of the taxpayer’s qualified expenditures in a film, television, or video project registered with the film office of the Iowa department of economic development (IDED). For information on the qualified expenditures eligible for the credit, how the film qualified expenditure tax credit is claimed, how the film qualified expenditure tax credit can be transferred and other details about the credit, see rule 701—52.34(15,422). See also the administrative rules for the film qualified expenditure tax credit for IDED at 261—Chapter 36.
This rule is intended to implement 2007 Iowa Acts, House File 892, section 3, and Iowa Code section 422.60 as amended by 2007 Iowa Acts, House File 892, section 9.