THE INCENTIVES PROGRAM - TIP

A first look at our newsletter.

July 16, 2020
Cast & Crew Financial Services (CCFS) offers both U.S. and Canadian production incentive management services from setup to audit, as well as production incentive financing.

ENACTED LEGISLATION

Signed by the Governor

Maryland (S 192)

On May 8, 2020, Senate Bill 192 became law without the Governor’s signature. The Act amends the Maryland Film Activity tax credit as follows:  
  • Reduces the annual funding cap to $12 million for fiscal year 2021 (7/1–6/30) and each fiscal year thereafter.

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Virginia (H 30)

On May 21, 2020, Governor Northam signed House Bill 30, which appropriates $4 million to the Motion Picture Production tax credit program for each of the following fiscal years: 2021 and 2022 (7/1–6/30).

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ON THE GOVERNOR'S DESK

Awaiting Signature

Georgia (H 1037)

House Bill 1037 proposes to amend the Georgia Entertainment Industry Investment Act as follows:  
  • For projects “initially” certified by the Georgia Department of Economic Development (GDEcD) on or after January 1, 2021:
    • Delays the issuance of the additional 10% promotional credit until the qualifying project is commercially distributed in multiple markets;
    • Requires a production company to submit an application for a “final” certification within one year from the date it completes a state certified production;
    • Stipulates the tax credit shall be considered earned in the taxable year in which it is issued a final certification; and,
    • Reduces the number of years the credit may be carried forward from five years to three years.
  • Requires an audit be performed by the Georgia Department of Revenue (GA DOR) or an independent third-party auditor certified by the GA DOR (subject to additional adjustments by GA DOR) under the following conditions:
    • The project was initially certified by the GDEcD on or after January 1, 2021, but before December 31, 2021 and the project’s total estimated tax credit amount exceeds $2.5 million; or,
    • The project was initially certified by the GDEcD on or after January 1, 2022, but before December 31, 2022 and the project’s total estimated tax credit amount exceeds $1.25 million; or,
    • For any project initially certified by the GDEcD on or after January 1, 2023.

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Production Incentives

Joe Bessacini

Vice President, Film & TV Production Incentives 661.492.3530 joe.bessacini@castandcrew.com

Incentive Financing

Deirdre Owens

Vice President, Production Incentive Financing 818.972.3201 deirdre.owens@castandcrew.com

Cast & Crew | www.castandcrew.com

ALBUQUERQUEATLANTABATON ROUGEBURBANKLONDONNEW YORKTORONTOVANCOUVER

Production Incentives

Joe Bessacini

Vice President, Film & TV Production Incentives 661.492.3530 joe.bessacini@castandcrew.com

Incentive Financing

Deirdre Owens

Vice President, Production Incentive Financing 818.972.3201 deirdre.owens@castandcrew.com

ALBUQUERQUEATLANTABATON ROUGEBURBANKLONDONNEW YORKTORONTOVANCOUVER

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