NEWS
Posted 14 April, 2010 in MA News
http://www.mafilm.org/news-and-events/
Posted 14 April, 2010 in MA News
UMass Boston Study Finds State’s Film Industry among Fastest Growing in Nation. Positive Impacts Remain Even after Hollywood Productions Wrap.
http://www.mafilm.org/2010/02/11/umass-film-industry-boosts-local-jobs-and-businesses/
Posted 14 April, 2010 in MA News
Reported from The Professionals of Tax Credits, LLC:
The University of Massachusetts has completed a report on the Massachusetts Film Industry and the findings are very favorable. Please follow the link below for the full report. Of great importance is the finding that for every film tax credit dollar “invested” by the state, the economic impact is 1.79 to 1.95…which is nearly double.
http://www.management.umb.edu/faculty/workingpaper/foster_pacey/UMBCMWP1046.pdf
Posted 7 March, 2010 in MA News
The local industry strongly opposes the $50 million annual cap on incentives proposed in Governor Patrick’s 2010-2011 budget.
Weymouth officials write script for movie tax credit
http://www.wickedlocal.com/weymouth/news/x692834756/Weymouth-officials-write-script-for-movie-tax-credit
‘Darkness’ debut spotlights film tax deals
http://www.gloucestertimes.com/punews/local_story_029235546.html
Study cites film gains amid tax-break battle
http://www.gloucestertimes.com/punews/local_story_047224413.html
Film tax credit boosts state economy
http://www.salemnews.com/puopinion/local_story_049224916.html
Posted 7 March, 2010 in MA News
MASSACHUSETTS – The direct spend for 2009 is estimated to be between $200 and $300 million. Although three studios have been announced (Plymouth, Weymouth and Boston), all are still seeking construction financing. There were no changes made in the legislation during 2009 and none are anticipated for 2010. Known for drawing larger film projects, there are no annual, project or per hire caps in Massachusetts.
Posted 8 February, 2010 in MA News
No more Waivers of Withholding will be granted by the state of Massachusetts after February 17, 2010 for payments made to loan out companies or to independent contractors for services provided to a production company that qualifies and submits an application for the motion picture production credit. The performer withholding requirements and waivers will continue to apply to live performances including, but not limited to, live entertainment, public appearances and athletic competitions.
The regulation calls for any production company applying for a motion picture production credit to register for withholding prior to filing an application for the credit. A production company seeking a credit as to a payment made to a loan out company or an independent contractor must withhold and remit to the Commissioner.
The state is also requiring additional paperwork to be signed between an authorized representative of the production company, an authorized person of the loan out company and the person providing services to the loan out company declaring the information contained on the allocation form is true, correct and complete.
A valid withholding waiver issued to a loan out before February 18, 2010 for a production that commenced filming before February 18, 2010 will remain effective for the production for which the waiver was issued. Any outstanding valid performer withholding waivers will expire after the production for which the waiver was issued is completed.
http://www.mass.gov/?pageID=dorterminal&L=6&L0=Home&L1=Businesses&L2=Help+%26+Resources&L3=Legal+Library&L4=Regulations+%28CMRs%29&L5=62B.00%3a+Withholding+and+Estimated+Taxes&sid=Ador&b=terminalcontent&f=dor_rul_reg_reg_830_cmr_62b_2_3_emergency&csid=Ador
Posted 31 January, 2010 in MA News
On January 27, Governor Deval Patrick suggested to the legislature that the qualified spending on film & TV production in Massachusetts be temporarily capped in response to the state budget crisis. The proposed cap would be $50 million in tax credits per year for the next two years. This equates to $200 million of qualified production spend per year. If enacted, all above-the-line spending would still qualify without limitation, and the proposed temporary cap would automatically expire in 2012, returning the incentive program to its current “no cap” status. Stay tuned, if you remember last year Massachusetts implemented a salary cap only to immediately remove it.
Governor Patrick released his fiscal year 2011 supplemental budget. For more information visit,
http://www.mass.gov/bb/h1/fy11h1/prnt_11/exec_11/pbudbrief18.htm
Posted 24 November, 2009 in MA News
http://www.patriotledger.com/entertainment/x1800826511/-550-million-construction-loan-green-lit-for-Plymouth-Rock-Studios
Posted 29 March, 2009 in MA News
A few tips film production companies should consider prior to having Agreed Upon Procedures performed on films produced in Massachusetts:
Massachusetts has two different credits – one for Labor and one for Goods and Services – which are recorded and tracked separately by the state. Therefore, it is critical to code and segregate items correctly between categories. Two areas of particular importance: fringe benefits and employer paid taxes related to payroll. Taxable fringe benefits are allowable expenditures under the Labor category. Employer tax expenses related to qualified labor are allowable expenses under the Goods and Services credit category.
Massachusetts pays a credit for the “use” of items in the state, even if these items were purchased outside of the state. However, the film production company must be able to provide proof of use of the item to the independent Certified Public Accountant performing the agreed upon procedures. Therefore, proper recordkeeping of wardrobe usage, raw stock usage, set dressing, etc. is very important.
Travel qualifies for the Massachusetts production expense credit; however, travel must originate and conclude in Massachusetts (intrastate only). It is important for the film production company to be able to provide proof that a particular travel expense (or travel allowances provided to employees) originated and concluded in Massachusetts to qualify for the credit. (reported by mper, Politziner & Mattia)
Posted 10 January, 2009 in MA News
An Independent Accountant’s Report using Agreed Upon Procedures or an Audit is now required for film credit applications with at least $250,000 of qualified film expenses. Productions with less than $250,000 of qualified film expenses may include such documentation with their application, but it is not required.
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