How AB 884 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill updates provisions related to income tax subtractions for retirement payments and modifies the film production tax credit while allowing the Department of Revenue to purchase certain contractual services.

• 71.05 (6) (b) 54m. d.

  An individual who claims the subtraction under this subdivision for a taxable year may not claim any credit, including any eligible carryover of such credit, listed under s. 71.10 (4) for the same taxable year. → An individual who claims the subtraction under this subdivision for a taxable year may not claim any credit, including any eligible carryover of such credit, listed under s. 71.07 for the same taxable year.

  The reference for prohibited credits has changed from section 71.10 to section 71.07.

• 16.705 (1s)

  The department of revenue may be an agent of the department for the purchase of contractual services under this subsection.

  Allows the Department of Revenue to act as an agent for purchasing certain contractual services.

• 41.152 (1)

  Application for accreditation or certification shall be made to the office for each taxable year for which accreditation or certification is desired. → Application for accreditation or certification shall be made to the office in for each taxable year for which accreditation or certification is desired.

  Clarifies the language regarding the application process for film production accreditation or certification.

• 71.05 (6) (b) 54. (intro.)

  up to $5,000 of payments or distributions received each year by an individual from a qualified retirement plan under the Internal Revenue Code or from an individual retirement account established under 26 USC 408 section 408 of → up to $5,000 of payments or distributions received each year by an individual from a qualified retirement plan under the Internal Revenue Code or from an individual retirement account established under 26 USC 408 section 408 of the Internal Revenue Code, if all of the following conditions apply:

  Adds conditional criteria to the existing wording for retirement plan payments.

• 71.07 (5f) (a) 4.

  salary or wages paid to its employees → salaries, wages, or any other expenditures that are incurred in this state and directly used to produce an accredited production, including expenditures for writing, budgeting, casting, location scouts, set construction and operation, wardrobes, makeup, clothing accessories, photography, sound recording, sound synchronization, sound mixing, lighting, editing, film processing, film transferring, special effects, visual effects, renting or leasing facilities or equipment, renting or leasing motor vehicles, food, lodging, and any other similar pre-production, production, and post-production expenditure as determined by the state film office.

  Broadens the definition of 'production expenditures' to include various production-related costs.

• 71.07 (5f) (c) 2.

  shall not exceed an amount equal to Only the first $250,000 of salary or wages paid to each of the claimant’s employees, as described in par. (b) 1. → shall not exceed an amount equal to Only the first $250,000 of salary or wages paid to each of the claimant’s employees, as described in par. (b) 1., in the taxable year, not including the salary or wages paid to the claimant’s 2 highest-paid employees, as described in par. (b) 1., in the taxable year, if the claimant’s budgeted production expenditures for the taxable year are $1,000,000 or more.

  Modifies the conditions under which salary expenses can be accounted for in the film production tax credit.