Posted 20 March, 2008 in FilmUSA
U.S. Production Incentives Alert
March 20, 2008
Alaska’s new incentive legislation is under active consideration by the Alaska Senate, with final action expected soon. Dama Chasle of the Incentives Office has been testifying before the Alaska senate in support of SB230 by telephone at each session. This will provide a 30% credit for all salaries, a 30% credit for goods and services purchased from an Alaska vendor, and 40% for cast & crew who are Alaska residents.
Colorado’s hoped for incentives program was not approved when it came up for vote yesterday.
Illinois has not reinstated its new program, which expired on 12/31/07. Legislation was approved by the Illinois house, but did not pass the Senate in March. It will be reconsidered in mid-April.
Mississippi has increased its rebate for out-of-state crew from 10% to 20%, non-resident cast are capped at $1 million per hire, and projects are capped at $8 million. Loan-outs will be charged a flat 2%. (This has not yet been passed, but is in conference).
Michigan’s legislature is completing work on the 16 bills that comprise their new incentives package. Approval by the Senate is expected today (Thursday,) with the Governor expected to sign on Monday or Tuesday. The legislation provides for a 40% rebate for all ATL plus Michigan labor; out-of-state crew is 30%. There is a $2 million cap per hire. Goods and services purchased from local vendors get a 30% rebate. Applications, which must be approved prior to the start of production, should be available late next week. (Goods and services are 40%, not 30%).
Rhode Island is considering a bill that will put a $15 million yearly cap on production (there is currently no cap). If passed, the legislation will be retroactive, and apply to any films starting after January 1, 2008, including films already in production.
THE INCENTIVES OFFICE
Please feel free to call us with any question about U.S. Production Incentives. We can: suggest the best places to shoot, prepare and file the required applications, make suggestions to maximize your incentives, ensure that vendors for production insurance, payroll, completion bonds and similar are invoicing properly to capture the credits or rebates, introduce you to tax credit brokers and incentives funding sources, introduce you to 3rd party auditors (if required), and help with just about anything you need relating to incentives.
Jeff Begun — jeff@theincentivesoffice.com
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