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CAST & CREW
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MARCH 19, 2019
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Cast & Crew Financial Services (CCFS)
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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The Garden State's long-anticipated film incentive program returns by offering a tax credit of up to 37 percent. View Cast & Crew's State of the Month on New Jersey to learn more!
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ENACTED
Signed by the Governor
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On March 7, 2019, Governor Asa Hutchinson signed House Bill 1461 which proposes to amend the Digital Product and Motion Picture Industry rebate program as follows:
- Changes the percentage of the rebate that may be earned on qualified production costs from 20% to "up to 20%"; and,
- Extends the sunset date from June 30, 2019 to June 30, 2029.
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ON THE GOVERNOR'S DESK
Awaiting Signature
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Senate Bill 2 amends the New Mexico film production tax credit program as follows:
- Increases the annual funding cap to $110 million per fiscal year (July 1 through Jun. 30);
- Provides for two payments (one before July 1, 2019 and another after July 1, 2019 but before July 1, 2020) to be made to pay down the backlog of approved claims;
- Revises the calculation related to how many "nonresident below-the-line crew" may qualify by limiting the amount of qualifying below-the-line nonresident wages to 15% (20% if qualified below-the-line residents are not available) of the production's total New Mexico budget for below-the-line crew wages;
- Maintains the incentive rate of 15% for qualifying nonresident below-the-line wages; and,
- Eliminates the restrictions related to which nonresident job descriptions may qualify;
- Continues to allow a standalone pilot or series (6 or more episodes) to earn an additional 5% of direct production expenditures;
- Allows for an additional 5% (may be stacked with pilot or series' additional 5%) to be earned on direct production expenditures and post production costs on services and items provided on location for a production that is located in New Mexico but at least 60 miles from certain counties; and,
Requires a three-second static or animated state logo to be placed in the end credits, before the below-the-line crew crawl, for the life of a film.
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PROPOSED LEGISLATION
Still in House or Senate
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House Bill 560 proposes to amend the Georgia film incentive program as follows:
- Amends the definition of a "state certified production" to include one or more televised commercial advertisement(s) that exceeds $500,000 in aggregate "production expenditures" by one production company in a calendar year; and,
- Requires a Georgia logo at the end of each qualified televised commercial advertisement.
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Senate Bill 1595 proposes to amend the Film Production Services Tax Credit Program as follows:
For taxable years beginning on or after July 1, 2019:
- Allows for the tax credit to be refundable;
- Allows the first $200,000 of nonresident wages to qualify;
- Allows all resident wages to qualify (previously only the first $100,000 qualified); and,
- Eliminates the sunset date.
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House Bill 2419 proposes to amend the Massachusetts film tax credit program by eliminating the sunset date.
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House Bill 2624 proposes to amend the Massachusetts film tax credit program by making the refundable tax credit nontransferable.
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House Bill 2627 proposes to amend the Massachusetts film tax credit program by requiring the user of the film tax credit to consent to being publicly identified as a beneficiary of the credits and to the public disclosure of the value of cash or in-kind payments for the credits.
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House Bill 2629 proposes to amend the Massachusetts film tax credit program as follows:
- Establishes a sunset date of June 30, 2021 for the film tax credit program, previously December 31, 2022; and,
- Allows the acceptance of applications for exemption from the sales tax from a motion picture production company on or before June 30, 2020. Any application received after this date will not be accepted.
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Together with
Media Guarantors, CCFS now offers full completion bond services and counsel. B
ringing unmatched experience, flexibility, security and responsiveness to filmmakers and productions.
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Minnesota (H 1229) and (S 1983)
House Bill 1229 and
Senate Bill 1983 propose to create a discretionary grant based on the film commissioner's assessment of a project's future effect on in-state employment, tourism, and economic activity and the amount of in-state expenses the production plans to incur. The program details are as follows:
- Provides an additional grant equal to 2.5%, in addition to the discretionary grant, of the project's total in-state spend when 25% or more filming days take place within an underutilized and economically distressed area;
- Requires the following:
- Production company must be based in Minnesota;
- Incur $250,000 or more of in-state expenditures;
- See that at least 70% (unless not available) of the production crew members, actors, and extras are residents;
- Film at least 60% or more of the total principal photography days in-state; and,
- Submit a budget and audit, by a third-party auditor, of all in-state expenditures; and,
- Appropriates $12.5 million for each fiscal year (July 1 through Jun. 30) for FY 2020 and FY 2021.
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Senate Bill 57 proposes to reenact the North Carolina Film Tax Credit Program. Details of the program are as follows:
- Creates a refundable tax credit equal to 25% of qualifying expenses;
- Limits qualifying wages to the first $1 million paid to each resident and nonresident on which withholding is remitted;
- Requires a minimum spend of $250,000 in qualifying expenses;
- Establishes a per project cap of $20 million for a feature film; and,
- Establishes a sunset date of December 31, 2022.
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Senate Bill 4227 proposes to amend the Empire State film production credit to allow feature film or television writers' fees as eligible costs, subject to the following provisions:
- Limits writers' fees to $50,000 per writer per "qualified film"; and,
- Requires that at least one writer is a member of a minority group or a woman in such cases where there are more than three writers hired on an eligible production.
If passed, the Act will take effect April 1, 2020.
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House Bill 1062 proposes to amend the Oklahoma Film Enhancement Rebate Program as follows:
- Increases the annual funding cap from $4 million to $8 million per fiscal year (July 1 through Jun. 30);
- Excludes payments made to "high-impact productions" from the fiscal year cap of $8 million; and,
- Defines a "high-impact production" as a project with total production expenditures of $50 million or more with at least one-third of total costs deemed Oklahoma expenditures.
If enacted, the Act shall be effective July 1, 2019.
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Beginning on July 1, 2019 and each July first thereafter until July 1, 2023, House Bill 4131 proposes to allocate an additional four percent of the admissions tax collected by the state for the exclusive use of the South Carolina Film Commission.
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House Bill 4132 proposes to amend the Wage and Supplier Rebate Fund by mandating that funds committed to film projects from the previous year be carried forward and used for the same purpose-any uncommitted funds will also be carried forward and used for the Wage and Supplier Rebate Fund and may not be used for any other purpose.
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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
Chief Executive Officer,
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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