S578 - Reduce Franchise Tax/Expand Film Grants. (Ratified)

Overview: Senate Bill 578 would do the following:

• Reduce the franchise tax rate from $1.50 to $0.96 over a two-year span and remove one method of calculating a corporation's franchise tax base, beginning with the 2021 taxable year.
• Reduce the qualifying expense thresholds for awards from the Film and Entertainment Grant Fund (Fund) and increase from $12 million to $15 million the maximum grant amount for a single season of a television series.

This bill was vetoed by the Governor on November 8, 2019, has not been overridden by the General Assembly, and, therefore, has not become law.