Posted 21 June, 2010 in CT News
Courtesy of EP Incentive Solutions:
The Governor signed legislation on May 7, 2010, amending provisions of the film tax credit and the state-certified project investment credit, effective July 1, 2010, for income years beginning on or after January 1, 2010. The new law: no longer includes “development” in “production expenses or costs,” and defines “compensation” as base salary or wages. The project eligibility tests have been broadened: by reducing the “principal photography days in the state” requirement from 50% to 25%, and by adding a third option for projects spending $1 million or more in post-production costs within the state. The definition of “eligible expenditures” for state-certified projects has been expanded to include “capital leases or purchases.”
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