James F. Imel, Professional Corporation   
Legislation -
Oklahoma Film Incentives
Oklahoma Film/Music Reinvestment Credit                                        25%
and HB2793 [pending 2006] (68 OS §2357.101)
 25% income tax credit on reinvested film/music profits
 No limit, except income tax liability
 No appropriation required from legislature
 No carryover (reinvest prior to year end)
 Administrative Rules will be posted here when available

Oklahoma Film/Music Rebate Program                            
HB1547, pages 57 – 59 (
68 OS §3624)
 15% cash rebate, sliding scale based on resident crew percentage *
 Paid July following income tax filing
 $2M film production budget; $1.25 Oklahoma expenditures
 $5M annual rebate fund
 50% Oklahoma resident crew
 Distribution contract required

 * 15% (100-50%); 10% (40-25%); 5% (25-0%)
HB 1716 was sponsored by R-Rep. Susan
Winchester, Speaker Pro-Tem (left) and D-Sen.
Debbe Leftwich (right) creating the 25% Film &
Music Reinvestment credit.  Authored by Paul
Tompkins and Fred Imel, CPA of CrazyFish
Films (middle left/right) and effective
immediately, the bill promotes motion pictures
which reinvest profits into other Oklahoma
projects.  Gov. Brad Henry signs the important
Paul Tompkins and Fred Imel, CPA of CrazyFish Films discuss
plans with Oklahoma Gov. Brad Henry.
James F. Imel, P. C., P. O. Box 852045, Yukon, Oklahoma 73085-2045

Industry Accounting in Public Accounting