701—601.20(15,422) Film investment tax credit. Effective for tax years beginning on or after January 1, 2007, but beginning before January 1, 2012, a film investment 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 economic development authority (the authority). For information on how the film investment tax credit is claimed, how the film investment tax credit can be transferred and other details about the credit, see rule 701—501.35(15,422). See also the authority’s administrative rules for the film investment tax credit at 261—Chapter 36.
This rule is intended to implement Iowa Code section 422.60 as amended by 2012 Iowa Acts, House File 2337, section 36.
[ARC 0398C, IAB 10/17/12, effective 11/21/12; Editorial change: IAC Supplement 11/2/22; Editorial change: IAC Supplement 10/18/23]