COLORADO
The new legislation enhances the existing program by: eliminating the requirement that a production company spend at least 75% of its production expenditures on qualified local expenditures; reducing the minimum spend for a production originating out-of-state from $1 million to $250,000 and, reducing the the local workforce requirement from 75% to 25%. Colorado currently has about $800,000 dollars available.
CONNECTICUT
Previously, the incentive program required a production company to conduct at least 50% of principal photography days within the state or spend at least 50% of all post production costs in Connecticut. The newly enacted legislation requires a production company to conduct at least 25% of the principal photography days in-state or spend at least 50% of post production costs in-state or spend at least $1 million dollars on post production in-state in order to qualify for the tax credit program.
FLORIDA
The new transferable tax credit program begins July 1, 2010 and the film office will accept application beginning on June 9th no earlier than 12:00pm EST. Program details and materials are now available on the Film In Florida web site.
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PROPOSED LEGISLATION (Still in the House or Senate)
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KENTUCKY
The House introduced a bill that would create an annual cap of $5 million dollars for the fiscal year 2011 and $7.5 million dollars for fiscal year 2012.
NEW JERSEY
The Senate recently introduced a bill in New Jersey which would make the state film incentive program more competitive with other states. The proposed legislation increases the amount of the nonrefundable tax credit from 20% to 25% of qualified expenditures, and increases the annual cap from $10 million dollars to $50 million dollars in fiscal year 2011 and each fiscal year thereafter. Insurance companies would also be added to the pool of potential purchasers of tax credit transfer certificates from production companies who do not have a sufficient tax liability against which to apply their tax credits.
NORTH CAROLINA
Introduced by the House, this bill enhances the competitiveness of the existing tax credit program by increasing the per project cap from $7.5 million dollars to $20 million dollars; allowing all compensation to qualify instead of just the first one million dollars paid to each individual; allowing pension, health and welfare along with per diems, stipends, and living allowances paid for work performed in North Carolina to qualify.
Maryland has $3 million dollars available for a project that wants to film this summer. For more information please contact Jack Gerbes 410-767-6343. |
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