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CAST & CREW ENTERTAINMENT SERVICES
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MONDAY, JUNE 4, 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 completion bond services, and production incentive financing.
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LOOKING FOR
AN OLD NEWSLETTER?
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How is Ohio's generous funding cap luring in productions? See Cast & Crew's State of the Month to learn more.
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CONDITIONALLY VETOED LEGISLATION
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On May 31, 2018, Governor Philip Murphy conditionally vetoed Senate Bill 122, which proposes to create a transferable tax credit program beginning on or after July 1, 2018. The Governor has indicated support for the incentive program. The conditional veto recommends the bill be amended as follows for reconsideration:
- Allow a reality television show to be eligible for the tax credit if the production company commits to the following:
- Own, lease, or occupy a production facility of no less than 20,000 square feet for a minimum term of 24 months and invest no less than $3 million in such facility which must be located in an Urban Enterprise Zone; and,
- Allow the production entity an additional credit equal to 2 percent of the qualified film or digital media production expenses provided that:
- The application is accompanied by a diversity plan;
- The plan is approved; and,
- The authority has verified that the applicant has met or made good faith efforts in achieving the goals stated within the diversity plan.
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On May 15, 2018, Governor Larry Hogan signed Senate Bill 1154, which amends the film production tax credit program as follows:
- Increases the fiscal year (July 1-June 30) funding as follows:
- 2019 - $8 million; 2020 - $11 million; 2021 - $14 million, 2022 - $17 million; and, $20 million for fiscal year 2023 and each fiscal year thereafter;
- Creates a per project cap of $10 million;
- Excludes salaries, wages, or other compensation paid to writers, directors, or producers from the definition of total direct costs;
- Reduces the in-state minimum spend requirement from more than $500,000 to more than $250,000;
- Makes 10% of each fiscal year's funding available for Maryland small or independent projects, as defined; and,
- Excludes infomercials, digital, animation, and multimedia projects from the list of qualifying projects.
The Act shall take effect July 1, 2018 and be applicable for taxable years beginning after December 31, 2017.
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Announcing
Media Guarantors - bringing extensive entertainment industry expertise to completion bonds.
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PROPOSED LEGISLATION
Still in House or Senate
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New York (S 8465) and (A 10768)
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Senate Bill 99 proposes to amend the North Carolina Film and Entertainment Grant Program as follows:
- Reduces the minimum spend for a feature-length film for theatrical viewing to $3 million (from $5 million);
- Establishes a new category within the feature-length film section of made-for-television movie, with a minimum spend requirement of $1 million;
- Increases the per project incentive cap for a feature-length film to $7 million (from $5 million); and,
- Increases the per project incentive cap for a television series to $12 million per season (from $9 million).
If enacted, these amendments would take effect on July 1, 2018 and apply to grants for productions awarded on or after this date.
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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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Fred Milstein
President & CEO,
Media Guarantors
424.307.1888
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Deirdre Owens
Vice President,
Production Incentive Financing
818.972.3201
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Scott Nicolaides
Senior Vice President,
Media Guarantors
424.307.1888
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