FORTY-EIGHTH LEGISLATURE

FIRST SESSION, 2007

February 15, 2007

Mr. Speaker:

    Your BUSINESS AND INDUSTRY COMMITTEE, to whom has been referred

HOUSE BILL 757

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 2, line 7, strike "reimbursement for" and on line 8, strike "or postproduction expenditures".

     2. On page 2, line 12, strike "are", on line 13, after the subparagraph designation "(a)" insert "are" and on line 15, after the subparagraph designation "(b)" insert "are".

     3. On page 2, line 16, strike "and", on line 17, after the subparagraph designation "(c)" insert "are", on line 18, strike the period and insert "; and" and between lines 18 and 19, insert a new subparagraph to read:

                     "(d) exclude postproduction expenditures for which another taxpayer claims the film production tax credit.".

     4. On page 8, line 1, after "films" insert "or any part of a film".

     5. On page 8, lines 3 and 4, strike "that occurs after the completion of principal and ongoing photography, including an expenditure".

     6. On page 8, line 13, strike "July" and insert in lieu thereof "January".,

and thence referred to the TAXATION AND REVENUE COMMITTEE.