(a) The Revenue Division of the Department of Finance and Administration shall upon receipt of an application for a rebate, including a proof of performance expenditure report from the Film Office:
(1) Calculate the total expenditures of the relevant production company for which there are documented receipts for funds expended in the state;
(2) Calculate the incentive benefit to which the applicant is entitled; and
(3) Provide certification to the Director of the Department of Finance and Administration specifying the amount to be remitted to the production company within one hundred twenty (120) days after the final expenditure report has been submitted.
(b) The director, within ten (10) working days after the receipt of the certification from the division, shall remit the rebate to:
(1) The production company; or
(2) At the option of the production company, the full amount or a specified amount noted by the production company to the:
(A) National Film Preservation Foundation;
(B) Motion Picture Retirement Fund; or
(C) Digital Product and Motion Picture Office Fund.
(c)
(1) There is no per-production cap on the rebate, and the amount of the rebate shall be limited only by the amount of moneys in the Digital Product and Motion Picture Office Fund.
(2) The rebate shall be awarded on a first-come, first-served basis.
(3) Rebates to be awarded from the Digital Product and Motion Picture Office Fund may be payable from any source of funds allocated for the rebates.
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