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January 24, 2012

EP Sponsored Women in Film (WIF) in Park City 2012

January 16, 2012

EP Incentive Solutions Update Available

January 13, 2012

EP Incentive Solutions Update Available

January 11, 2012

W-2 Hotline Now Active

December 8, 2011

Joseph Chianese Moderated 411 Publishing Webinar on Post Production Incentives

PRODUCTION INCENTIVES

RECENT UPDATES - August 30, 2010

New incentive information added for:

MEXICO

Proposed legislation updates for:

CONNECTICUT

Project Criteria: A 10% credit is available for minimum qualifying local spend of $100,000 to $500,000; 15% is available for spend > $500,000 to $1,000,0000; and a 30% credit is available for a qualifying local spend > $1,000,000 for the film and digital animation credits; film projects must meet a 25% local principal photography requirement or 50% of post-production costs or spend not less than $1,000,000 in the state on post production costs. Minimum spend for an interactive website is > $500,000 per year; for state-certified infrastructure projects costing ≥ $3,000,000, the credit is 20%

FLORIDA

Type of Incentive: Transferable tax credit (1 transfer, 5-year carry forward); credits cannot be claimed before July 1, 2011; if funded by legislative appropriation, the Department of Revenue will purchase credits at 90% of face value
Maximum Benefit: 20% of qualifying spend (including digital media projects), with 5% bonus for "off season" projects and 5% bonus for "family-friendly" projects
Compensation and Project Caps/Funding Per Year: The credit is capped at $8 million per "general production queue" project, $125,000 per "independent and emerging media production queue" project, and $500,000 per "commercial and music video queue" project; wages and compensation are capped at $400,000 per person; annual funding caps are 2010-2011 = $53.5 million, 2011-2012 = $74.5 million, and 2012-2013, 2013-2014, and 2014-2015 = $38 million; annual funding is allocated as follows:: 94% for the general production queue; 3% each for the independent and emerging media, and the commercial and music video production queues; surplus credits from the smaller queues can be carried forward to the next year's general production queue
Project Criteria: ≥ 50% of cast and below-the-line crew must be residents or eligible students (the requirement increases to ≥ 60% in 2012); for digital media projects the requirement is ≥ 75% of such positions; the general production queue has a minimum local qualifying spend of $625,000 (can span multiple fiscal years, a qualified "high impact television series" gets priority in this queue); the commercial and music video queue has a minimum per project spend of $100,000 with a minimum qualifying threshold for (multiple "bundled") projects of $500,000 per fiscal year; the independent and emerging media production queue has a qualifying local spend ≥ $100,000 to ≤ $625,000

INDIANA

Compensation and Project Caps/Funding Per Year: No per project cap; $2,500,000 annual funding

KENTUCKY

Type of Incentive: Refundable credit

MISSISSIPPI

Compensation and Project Caps/Funding Per Year: Up to $1,000,000 on individual resident and non-resident payroll qualifies for the rebate; $8,000,000 rebate cap per project; $20,000,000 fiscal year cap

NEW YORK

Compensation and Project Caps/Funding Per Year: $2.1 billion in funding for the 2010-2014 fiscal years ("pool 2" funds), or $420 million annually with up to $7 million annually allocated to the post-production credit; exemptions for "qualified independent film production company" projects are limited to those with a maximum budget of $15 million
Project Criteria: Production Credit: Minimum 1 day and at least 10% of the total principal photography shooting days (except for qualifying "independent production company" projects and TV pilots) must be spent at a qualified facility; in addition, the qualified production costs at a qualified facility must be ≥ 75% of such total facility costs (within and outside NYS, there are special additional requirements for a facility to qualify in NYC); this test applies separately to production and post-production costs, if production costs at a qualified facility are < $3,000,000, then location shooting days in NYS (outside qualified production facility) must be ≥ 75% of total shooting days (within and outside NYS); Post-Production Credit is available if the qualified post-production costs at a qualified post-production facility are ≥ 75% of such total facility costs (within and outside NYS, does not require that the production qualify for the 30% credit); the investment tax credit is available for tangible property containing at least one sound stage ≥ 7,000 square feet

NEW YORK - New York

Footnote: The legislature has finished its regular session, so no new legislative funding for the NYC incentive is expected this year -- in the absence of a special session. It is uncertain whether new funding would be fully retroactive to the date of exhaustion, in the summer of 2009. The city is keeping new applications in a queue pending the passage of new funding legislation.

NORTH CAROLINA

Footnote: The Governor signed legislation to eliminate the 6.9% income tax on the film incentive, enhance the incentive by making it a flat 25% rate, increase the project cap to $20 million, and expand the definition of qualifying expenses, effective January 1, 2011.

SOUTH CAROLINA

Sunset/Review: The 15% incentive has no sunset date, but the rates have been increased to 20% and 30% by proviso that must be renewed annually

UTAH

Sunset/Review: The office may not issue a tax credit certificate unless the legislature expressly provides funding in the office's budget or amounts remain from prior years' funding