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CAST & CREW ENTERTAINMENT SERVICES
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MONDAY, FEBRUARY 5, 2018
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Cast & Crew Financial Services
offers both U.S. and Canadian production incentive management services from setup to audit, as well as production incentive financing.
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LOOKING FOR
AN OLD NEWSLETTER?
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On January 29, 2018, Governor Jim Justice signed Senate Bill 263
which eliminates the film tax credit program, effective immediately, and ends all operations of the West Virginia Film Office by July 1, 2018. To the extent necessary, the Division of Tourism will settle, finalize, and conclude any business related to outstanding film tax credits issued prior to January 26, 2018, the effective date of this bill.
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House Bill 2168 proposes to amend the Motion Picture, Digital Media, and Film Production Tax Credit by providing for an optional credit equal to 35% of costs incurred within an in-state county with a population of 700,000 or less if at least 55% of the production crew are hired from the same county. Writers, producers, directors, and on-camera, microphone or voice-over talent are not included in meeting the 55% in-county crew base requirement.
If approved, this Act shall take effect beginning December 31, 2018.
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House Bill 2688 proposes to amend the provisions of the Hawaii film tax credit by requiring that at least 75% of postproduction activities and services be performed at a "qualified postproduction facility" in order for any in-state postproduction costs to qualify.
If approved, this Act shall take effect for taxable years beginning after December 31, 2018.
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House Bill 200 proposes to suspend the acceptance and approval of any eligible project applying for the Kentucky film tax credits for fiscal years 2019 and 2020 (July 1-June 30).
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Maryland (H 160) and (S 185)
House Bill 160 and Senate Bill 185 proposes to appropriate $5 million to the Maryland Film Production Rebate Program for the 2019 fiscal year (June 1-May 31).
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New Jersey (S 122) and (A 1038)
Senate Bill 122 and
Assembly Bill 1038 proposes to establish a tax credit program for certain expenses incurred during the production of certain film and digital media content beginning on or after July 1, 2018. The details of the program are as follows:
- Allows for a transferable tax credit equal to 30% (40% in certain municipalities i.e. Atlantic City) of qualified production expenses provided the production company meets the following requirements:
- Incurs at least 60% of total film production expenses (exclusive of postproduction costs) in-state or incurs more than $1 million in qualified production expenses;
- Commences principal photography within 180 days from the original application date or 150 days from the date of approval of the application;
- Submits a tax credit verification report prepared by an independent CPA licensed in the state;
- Includes a screen credit that reads "Filmed in New Jersey" or "Produced in New Jersey"; and,
- Withholds 6.37% from each payment to a loan out company or independent contractor;
- Excludes payments in excess of $1.5 million made to an individual for costs for a story, script, or scenario used in the production of a film and wages or salaries or other compensation for writers, directors, (including music director), producers, and performers; and,
- Establishes an annual funding cap of $75 million per fiscal year (July 1 - June 30) thru June 30, 2023.
Digital media projects earn 20% and have different requirements.
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House Bill 113 proposes to amend the New Mexico Film and Television Tax Credit Program by removing the annual funding cap that currently limits the annual aggregate claims to $50 million per fiscal year.
If enacted, this Act would apply to expenditures made on or after January 1, 2018 by film companies that commence principal photography directly related to those expenditures on or after January 1, 2018.
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Oklahoma (S 1240) and (S 955)
Senate Bill 1240 and Senate Bill 955 proposes that no applications for the Oklahoma film incentive program be accepted after December 31, 2018. To the extent necessary, the Oklahoma Film and Music Office will honor a production company's claim for the rebate if, prior to December 31, 2018, a conditional prequalification letter had been issued to the production.
If approved, the Act shall take effect November 1, 2018.
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Senate Bill 32 proposes to create the Film and Entertainment Grant Fund. Details of the program are as follows:
- Establishes a grant program of up to 25% of qualifying production expenditures for production companies meeting the following requirements:
- Meets a minimum qualified production expenditure of at least $5 million, $1 million per episode, and $250,000 for film, television, and commercials, respectively;
- Includes a "Filmed in West Virginia" logo in the screen credits; and,
- Submits an independent audit by a State certified public accountant;
- Excludes, from the definition of qualified expenses, the amount received, either directly or indirectly, in excess of $1 million per individual; and,
- Creates a per project cap of $5 million, $9 million per season, and $250,000 for a film, television series, and commercial, respectively.
This program is not administered on a first-come, first-served basis. Priority for the use of funds will be given to productions that are reasonably anticipated to maximize the benefit to the state.
If approved, the grant program will sunset three years from the effective date of this Act.
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IN THE NEWS
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Joe Bessacini
Vice President,
Film & TV Production Incentives
818.480.4427
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Deirdre Owens
Vice President,
Production Incentive Financing
818.972.3201
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