Tennessee, Film Credit Eliminated

H.B. 3839, effective 07/01/2012, eliminates the credit available to film production companies headquartered in Tennessee for expenses related to movie and film productions in the state. However, the termination of the credit should not affect qualifying taxpayers' ability to realize benefits from the credit for expenses incurred prior to July 1, 2012, provided the taxpayer's production is determined to be in the best interests of the state by the commissioner of revenue and the commissioner of economic and community development.