36 §5219-Y. Certified visual media production credit - Maine Statutes

Title 36: TAXATION

Part 8: INCOME TAXES

Chapter 822: TAX CREDITS

§5219-Y. Certified visual media production credit

1. Credit allowed. A visual media production company, as defined in Title 5, section 13090-L, subsection 2-A, paragraph E, is allowed a credit against the taxes imposed by this Part in an amount equal to 5% of the visual media production expenses, as defined in Title 5, section 13090‐L, subsection 2‐A, paragraph F, if the visual media company has visual media production expenses of $75,000 or more. For purposes of this section, "visual media production expenses" does not include wages, salaries, commissions or any other form of compensation or remuneration paid to employees for personal services.

[ 2009, c. 470, §5 (RPR) .]

2. Limitation. The credit allowed by this section may not reduce the tax otherwise due under this Part below zero and may be used only for the taxable year in which the certified visual media production, as defined in section 6901, subsection 1, is completed. Taxpayers claiming a credit under section 5219‐W are not eligible for this credit.

[ 2009, c. 470, §5 (RPR) .]

SECTION HISTORY

2005, c. 519, §GG2 (NEW). 2009, c. 470, §5 (RPR).