15-31-1011. Report to legislature. (1) The department of commerce shall provide a written report about the economic impact of the tax credits provided for in 15-31-1007 through 15-31-1009 to the revenue interim committee provided for in 5-5-227. The report must be provided no less than 6 months before the start of the 2021 regular legislative session and, pursuant to 5-11-210, every 2 years thereafter, and must be posted on the department of commerce's website.
(2) The report must include:
(a) the overall impact of the tax credits;
(b) the dollar amount of tax credits issued;
(c) the number of net new jobs created;
(d) the amount of compensation paid;
(e) the economic impact of the film industry in the state;
(f) the names of all state certified productions eligible to claim tax credits; and
(g) any other information that describes the impact of the tax credits.
(3) The department of commerce shall contract with a research organization to prepare the report required by this section. The research organization may not be affiliated with the film industry or with the department of commerce. The department of commerce may use the fees collected pursuant to 15-31-1004 or other funding to pay for the report.
(4) The department of commerce shall make recommendations to the revenue interim committee on whether to make changes to the tax credits provided for in 15-31-1007 through 15-31-1009, including changes to the cap provided for in 15-31-1010. The revenue interim committee may make recommendations to the legislature based on the information contained in the report and the department of commerce's recommendations.
History: En. Sec. 11, Ch. 352, L. 2019; amd. Sec. 20, Ch. 163, L. 2019.
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