FLORIDA

PROPOSED LEGISLATION (STILL IN THE HOUSE OR SENATE)

JANUARY 31, 2010

The proposed bill would create a 20% transferable tax credit (plus an additional 5% for filming 75% of principal photography days during the off-season, 6/1 - 11/30, plus an additional 5% for family-friendly productions) to replace the current rebate program.  The tax credits may be claimed against income tax and/or sales & use tax liabilities.  However, the tax credits may not be applied, regardless of when the credits are awarded, to returns filed for any tax period beginning before July 1, 2011.  The cap on qualified labor would be increased from $400,000 to $650,000 per Florida resident hired.  In order to be considered a qualified production: for the first two years, 50% or more, and thereafter, 60% or more of the positions that make up the production cast and below-the-line production crew must be filled by legal Florida residents.  An annual allocation of $75 million will be available with no per project cap should the new bill be enacted.  Tax credits purchased in good faith are not subject to forfeiture unless the transferee submitted fraudulent information in the purchase or failed to meet certain other requirements.  The proposed program would sunset on July 1, 2015.  

For more information please contact:

Joe Bessacini
Vice President, Film & TV Production Incentives
818-480-4427
jbessacini@castandcrew.com

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