HOUSE DOCKET, NO. 3715        FILED ON: 1/18/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2627

The Commonwealth of Massachusetts

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PRESENTED BY:

Angelo M. Scaccia

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to film tax credit transparency.

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PETITION OF:

HOUSE DOCKET, NO. 3715        FILED ON: 1/18/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2627

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 3344 OF 2017-2018.]

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-First General Court
(2019-2020)

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An Act relative to film tax credit transparency.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 6 of chapter 62 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after paragraph (8) in subsection (l), the following 2 paragraphs:-

(9) By electing the credits under this subsection or under section 38X of chapter 63, or by accepting the value of such credits as a transferee, the taxpayer consents to being publicly identified as a beneficiary of the credits and to the public disclosure of the dollar value of the credits received by the taxpayer. A transferee further consents to the public disclosure of the value of cash or in-kind payments to the original credit recipient in consideration for the transferred credits.

(10) The commissioner of revenue, in conjunction with the secretary of economic development, shall annually complete a detailed report for the preceding fiscal year of the tax credits in this subsection and in section 38X of chapter 63.  The report shall provide for such fiscal year a complete list of all recipients of credits under this subsection and under said section 38X, and list for each recipient the total dollar value of credits received, and, if applicable, the amounts carried forward or refunded; provided that in the case of transferred credits, the transferee shall be listed along with the original credit recipient and the report shall detail the original value of the credit, the value received by the transferee and the value of cash or in-kind payments to the original credit recipient by the transferee in consideration for the transferred credits. The report shall also provide for each credit the total amounts credited, refunded or carried forward in such fiscal year, the anticipated return on investment to the commonwealth from the credited funds during such fiscal year and a tracking of job creation as a result of the credits. The report shall be annually submitted to the governor, the secretary of administration and finance, the state comptroller, the house and senate committee on ways and means, the joint committee on revenue and the joint committee on economic development and emerging technologies on or before October 1. The report shall be posted on the internet in a manner accessible to the public.

SECTION 2. Section 38X of chapter 63, as so appearing, is hereby amended by inserting at the end thereof the following 2 subsections:-

(h) By electing the credits under this section or under subsection (l) of section 6 of chapter 62, or by accepting the value of such credits as a transferee, the taxpayer consents to being publicly identified as a beneficiary of the credits and to the public disclosure of the dollar value of the credits received by the taxpayer. A transferee further consents to the public disclosure of the value of cash or in-kind payments to the original credit recipient in consideration for the transferred credits.

(i) The commissioner of revenue, in conjunction with the secretary of economic development, shall annually complete a detailed report for the preceding fiscal year of the tax credits in this section and in subsection (l) of section 6 of chapter 62.  The report shall provide for such fiscal year a complete list of all recipients of credits under this section and under said subsection (l) of said section 6, and list for each recipient the total dollar value of credits received, and, if applicable, the amounts carried forward or refunded; provided that in the case of transferred credits, the transferee shall be listed along with the original credit recipient and the report shall detail the original value of the credit, the value received by the transferee and the value of cash or in-kind payments to the original credit recipient by the transferee in consideration for the transferred credits. The report shall also provide for each credit the total amounts credited, refunded or carried forward in such fiscal year, the anticipated return on investment to the commonwealth from the credited funds during such fiscal year and a tracking of job creation as a result of the credits. The report shall be annually submitted to the governor, the secretary of administration and finance, the state comptroller, the house and senate committee on ways and means, the joint committee on revenue and the joint committee on economic development and emerging technologies on or before October 1. The report shall be posted on the internet in a manner accessible to the public.