Application requirementsprocess film tax credit illinois. The state of illinois offers a 30% transferable tax credit for qualified productions. Film tax credit electronic ittrans submission inside of a gtc login. Illinois offers a robust and sustainable 30% film tax credit and is the only u. To ensure the safety and wellbeing of the staff, all illinois film office employees will be working from home. In the summer of 2007, pa lawmakers passed legislation and the governor signed into law act 55 of 2007, the current pennsylvania film production tax credit program. For more information about the film incentive program, please contact the illinois film office illinois film office. Local tv and film production caught in state budget. Dcase homepage film office tax incentives for filming. Illinois film production tax credit johnsonese brokerage llc. Unused tax credit may be carried forward for up to 5 taxable years.
The mississippi film office logo must also be displayed. We do not endorse any of the services provided in this list. Illinois film tax credit program is theatrically bad illinois policy. There are no caps for potential benefit for this credit. Workforce housing tax credits now available for counties. Film office, new york state state the film production tax credit is a 30% tax credit on qualified costs incurred in new york state for eligible productions.
In addition to helping production companies optimize and monetize state tax incentive programs, we provide a variety of advisory, audit and tax services. According to data from the illinois film office, which awards a 30% tax credit to qualified productions, filming in 2019 made an estimated. Chicagos tv and film sector is ready for its closeup connect. Mississippi investment rebate 25% a production is eligible for a 25% rebate of. Participation in the mississippi motion picture incentive program must be acknowledged in the end credits. In december of 2008 the illinois general assembly passed the illinois film production tax credit act, which offers producers a credit of 30% of all qualified expenditures, including postproduction. State extends film tax credits to keep chicago fire and other. The team at the illinois film office can assist with images from the scouting database for illinois and chicago locations. Currently the illinois film services tax credit does not include any provisions that gives the state a say in a projects content or its personnel only that the 30 percent tax credit applies to. The illinois film office markets the state as a worldclass film production center, which, in turn. The illinois film tax credit will not sunset until may 2021, and is renewable in 5year increments, thereafter. The illinois film tax credit is currently scheduled for legislative renewal in 2026.
For the time being, no new audits will be started and some of our existing audits will be completed as soon as possible so that businesses have access to their credits faster. The credit equals 20% of qualified production costs incurred on oahu, and 25% on the neighbor islands big island, kauai, lanai, maui, molokai. This is a refundable tax credit based on a production companys qualified hawaii expenditures while producing a qualified film, television, commercial, or digital media project. Once the base investment requirement has been met, the film tax credit can be claimed when a. How to save money for your project how do film tax credits work anyway. The tax credit may be split between up to 10 transferees. Champaign county has a rich history in film, most notably with the renowned ebertfest, roger eberts. Film production tax credit nm taxation and revenue. The chicago film office, a division of the department of cultural affairs and special events, leads the citys effort to attract and enhance the production of feature films, television series, commercials, documentaries and all forms of local screen entertainment. In approving tax credit applications, priority is given to taxcredit eligible productions that are classified as a television series or miniseries.
The film and media tax credits program is doing everything it can to ensure claimants receive the credits to which they are entitled, as soon as possible. For filmmakers, it is a onestop liaison for all city. List of tax credit buyers the illinois film office provides this information from third parties for your convenience. These incentives came about in the 1990s in response to the flight of movie productions to other countries such as canada. Film tax credit bill qualified expenditures tax credit benefits 30% of the qualified illinois production spending. You can also submit your location for consideration and register your business for production consideration. The applicant must provide the illinois film office ifo with gender and ethnicity of the illinois crew. Epatha merkerson chicago med, governor pritzker, jason beghe chicago pd, david eigenberg chicago fire and senator elgie sims. The developers have met with the illinois film office about the.
Our new illinois film office director christine dudley stopped by first tuesdays with the midwest independent film festival on march 3rd to introduce herself to the filmmaking community, introduce. Tax credit can be carried forward 5 years from when originally issued by illinois film officedepartment of commerce and economic opportunity. Tax credit can be carried forward 5 years from when originally issued by ifo. Such a phenomenon is a terrific application of countless economic principles to be highlighted by the next greg mankiw when writing hisher introductory textbook for freshman economics. The illinois affordable housing tax credit iahtc encourages private investment in affordable housing by providing donors of qualified donations with a onetime tax credit on their illinois state income tax equal to 50 percent of the value of the donation. Illinois film tax credit program is a slap in the face to the states small. The illinois production tax credit incentive program is 100% up and running. Tax credits pennsylvania enacted its first film tax incentive program in 2004. Our fees are paid by insurance companies, but because we are an illinois business these fees can still be applied to your. Kpm film is cpa firm who serve as trusted advisors to state tax offices and film bureaus, attorneys, producers and studio finance departments on the subject of film tax credits across the u.
The general assembly finds that the illinois economy is highly vulnerable to other states and nations that have major financial incentive programs targeted to the motion picture industry. The heads of the illinois and chicago film offices discuss the role a tax credit extension plays in getting productions made locally. Il film offices 30% tax credit extended iatse local 769. If you would like to apply for our program, you may do so accordingly. Film incentives group, llc is a national strategic consultancy and brokerage firm dedicated to helping corporate entities and individual taxpayers take full advantage of the many state tax credits that are available throughout the usa. They are dependable and professional, and work well with all illinois film office personnel. Also known as movie production incentives, they are tax benefits offered on a state by state basis throughout the united states to encourage instate film production. The funding is part of the empower rural iowa act, approved during the 2019 iowa legislative session, and is designed to encourage housing. Mpis are popular with state officials and many of their constituents but often escape routine oversight about benefits, costs and activities. Illinois film services tax credit film tax credit illinois. The illinois film office boasts that this is the only state with a film taxcredit program that requires companies to make a bestfaith effort to hire a diversified workforce behind the cameras and to hire vendors owned by women and minorities. Film incentives and applications georgia department of. An article in todays new york times highlights a growing trend in state tax policy. Movie production incentives in the united states wikipedia.
Women and racial minorities are assessed separately. You can find a full list of acceptable contributions in appendix b of the overview and instructions packet for the tax credit. Ohio film office tax credit overview and frequently asked. Article act 84 of 2016 article xviid, the entertainment production tax credit authorizes the issuance of. The income tax credit may be used against georgia income tax liability or the production companys georgia withholding, or it can be sold or transferred to one or more georgia taxpayers.
The yearly sunset provision has been removed so the il film services tax credit does not expire. Adoption tax credit il film production tax credit il. Tax credits, llc has consistently provided top level service to our company for the past seven years we have been participants in the illinois tax credit program. The incentives, which give companies 30% tax credits on production costs and. The pennsylvania film production tax credit iatse studio. A law passed in 2008 established the current 30 percent tax credit, which remains in effect through 2021 with provisions for renewals. If goodfaithefforts are shown, ifo will proceed with finalization of the tax credit. The pennsylvania film tax credit law act 55 was put into place in 2007 to promote the growth of film, television and related production companies and stimulate job growth in the commonwealth. The transformation of georgia from the land of peaches and peanuts to the location for oscar and emmycaliber movies and tv shows could be credited to the georgia legislature and the georgia department of economic developments film, music, and digital entertainment tax credit ga. Italy raises production tax credits hollywood reporter. The donor can choose to transfer the credits to the project, which creates additional project financing through syndication of the credits. Contact us for expert assistance on locations, housing, and tax credit to help make your creative vision a reality. Tax credit extension aims to cement film industrys local foothold.
Illinois compiled statutes illinois general assembly. Explanation of the new film tax credit reporting and ittrans process. Film tax credits in the last decade, state governments have enacted numerous movie production incentives mpis, including tax credits for film production. The ifo offers a 30% film tax credit to qualified productions. Movie production incentives are tax benefits offered on a statebystate basis throughout the united states to encourage instate film production. New mexico offers a film production tax credit for film production companies that have direct production and direct postproduction expenditures that are subject to taxation by the state of new mexico. While most states maintained the status quo, or reduced film incentives, a few states made slight augmentations to their programs.