§ 26-4-209 - Disbursement of benefit.
26-4-209. Disbursement of benefit.
(a) The Revenue Division, upon receipt of an application for a tax incentive, shall:
(1) Calculate the total expenditures of the motion picture production company for which there are documented receipts for funds expended in the state;
(2) Calculate the tax incentive benefit to which the applicant is entitled; and
(3) Certify it to the Chief Fiscal Officer of the state. The division shall certify to the Chief Fiscal Officer of the state the amount to be remitted to the motion picture production company within sixty (60) days of the final expenditure report.
(b) The Chief Fiscal Officer of the state shall remit the five percent (5%) tax incentive benefit to the motion picture production company within ten (10) working days of the receipt of the certification of the amount thereof from the Revenue Division. The benefit shall be paid from any available funds appropriated for miscellaneous tax refunds by the General Assembly.