Entertainment Industry Incentive Act Law and Legal Definition
Entertainment Industry Incentive Act is an act enacted by the State of Alabama in 2009. This act provides a rebate to a qualified production company for production expenditures on funds expended in Alabama. Rebate of 25% is available to all state certified expenditures and of 35% to all payrolls paid to residents of Alabama for the state certified production. In order to avail the benefits under the Act, production expenditures for a project must equal or exceed at least $500,000 but must not exceed ten million dollors $10,000,000.
A qualified production company that intends to expend in the aggregate one hundred fifty thousand dollars ($150,000) or more in connection with one or more qualified productions in the State of Alabama within a year, shall be exempted from the payment of state sales, use, and lodging taxes levied pursuant to the statutes of Alabama, on funds expended in Alabama in connection with the oualified productions.
The incentive fund available under the act is $7,500,000 for fiscal year 2010 and $10,000,000 for subsequent years.
