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MONTHLY TIP UPDATE - AUGUST 2009
ENACTED LEGISLATION (Signed by the Governor)
NORTH CAROLINA – Effective for taxable years beginning on or after January 1, 2010 a production company that has qualifying expenses of at least $250,000 may elect to take a refundable tax credit equal to 1) 25% of the qualifying expenses without the use of the sales tax exemption or 2) 15% of the qualifying expenses and the use of the sales tax exemption. It is not apparent how a production company would benefit more by claiming the 15% tax credit and the sales tax exemption instead of the 25% credit without a sales tax exemption but the election must be made at the time the taxpayer files their tax return and the election is binding.
TENNESSEE – Tennessee has revamped their incentive program. The grant program allows for 17% of qualified spend with a minimum spend of $150,000 for companies headquartered in TN and, $500,000 for companies headquartered outside of TN. The first $250,000 of each resident’s wages will qualify (TN has discretion to qualify nonresidents if key TN people are not available). An additional 15% of all qualified expenses may be earned if the production company establishes headquarters in TN and incurs at least $1 million in qualified expenditures. The headquarter program does not have a salary cap.
ON THE GOVERNOR’S DESK (Awaiting signature)
None
PROPOSED LEGISLATION (Still in the House or Senate)
None
MISCELLANEOUS
CALIFORNIA – California has made the second $100 million available and currently has more than half of that still available!
NEW YORK STATE – New York State still has funds available!
WANT TO RECEIVE MONTHLY UPDATES VIA E-MAIL?
To receive the latest motion picture and television production incentive updates, send an email to productionincentives@castandcrew.com with the word ”UPDATES” in the subject field. Please include:
- Your Full Name
- Your Company Name
- All Relevant Contact Information
For more information please contact:
Joe Bessacini
Vice President, Film & TV Production Incentives
818-480-4427
jbessacini@castandcrew.com
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