Allowing a qualified film production entity to claim a credit against the State income tax for specified costs incurred for film production activities; repealing the Film Production Rebate Program; requiring the Department of Business and Economic Development to administer the credit; requiring that the estimated total direct costs incurred in the State exceed $500,000; providing that the total direct costs may not include wages that exceed $1,000,000; applying the Act to taxable years beginning after 2008; etc.