SB0751C-Committee Bill Summary (House)

HCS SB 751 -- ENTERTAINMENT INDUSTRY INCENTIVES

SPONSOR: Mathewson (Rizzo)

COMMITTEE ACTION: Voted "do pass" by the Committee on Commerce by a vote of 15 to 7.

This substitute authorizes an income tax credit for owners of bowling alleys in an amount equal to 10% of the purchase price of bowling-related machinery and equipment. Licensed gambling boats, corporations owning more than 3 bowling alleys in the state, and those applying after December 31, 2004, are not eligible for these tax credits.

The substitute also exempts the sale of the first copy of a customized film or video production produced in Missouri, and any tangible personal property leased or purchased by a qualified film production company from state and local sales and use taxes. A "qualified film production company" is defined as any film production company with an expected in-state expenditure budget over $300,000.

FISCAL NOTE: Partial Net Loss to All State Funds of $0 in FY 1999, $300,000 in FY 2000 and FY 2001. Negative unknowns are not reflected in totals.

PROPONENTS: Supporters say that these credits will help the small business owner compete with larger companies and corporations.

Testifying for the bill were Senator Mathewson; Representative Gratz; Olivette Lanes Bowling Alley; and North Oaks Bowl.

OPPONENTS: There was no opposition voiced to the committee.

Debra Cheshier, Senior Legislative Analyst



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