| CAST & CREW ENTERTAINMENT SERVICES |
TUESDAY, APRIL 4, 2017
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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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In this Issue
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New Mexico (S 390)
On March 30, 2017, Governor Martinez vetoed Senate Bill 390. The bill proposed reducing the contiguous space designated for film production use at a qualified production facility from 50 acres to 45 acres.
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PROPOSED LEGISLATION
Still in the House or Senate
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Louisiana (S 40)
Senate Bill 40 excludes any expenditures made after January 1, 2018 from being eligible for the film credit and states that no credit shall be earned for any certification that is not completed by the office before July 1, 2018. If approved, the law would take effect upon the governor's signature.
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Massachusetts (H 1588)
House Bill 1588 proposes to revise the screen credit required in Massachusetts for the film tax credit to read: "Proudly Made in Massachusetts."
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Massachusetts (H 3344)
House Bill 3344 proposes to require the commissioner of revenue to publish an annual public report that details the following:
- The identity of all recipients who benefited from the tax credit and the dollar value of all credits received by each taxpayer;
- The anticipated return on investment to Massachusetts from all credits issued; and,
- A tracking of total jobs created as a result of the credits.
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Massachusetts (H 3346)
House Bill 3346 proposes to eliminate the transferability aspect of the film tax credit.
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Massachusetts (H 3347)
House Bill 3347 proposes to stop accepting applications for exemption from the sales tax for motion picture production companies after June 30, 2018 and also proposes to advance the sunset date of the film tax credit program from December 31, 2022 to June 30, 2019.
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Minnesota (H 2508 & S 2179)
House Bill 2508 and Senate Bill 2179 propose to create a refundable credit equal to 25% of film production and postproduction expenses made in the state. If enacted, the laws would be effective for taxable years beginning after December 31, 2016.
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New York (S 4565)
Senate Bill 4565 proposes to repeal the Empire State Film Production Credit, Empire State Commercial Production Credit, and the Empire State Film Post Production Credit. If approved, the law would take effect immediately.
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North Carolina (H 473 & S 358)
House Bill 473 and Senate Bill 358 propose to appropriate $55 million to the Film and Entertainment Grant Fund for Fiscal Year 2017-2018. If enacted, the bills would become effective July 1, 2017.
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Texas (H 3346)
House Bill 3346 proposes to revise the Moving Image Industry Incentive Program in Texas as follows:
- Requires projects to engage in at least 120 days of production activity in the state to qualify for the grant;
- Defines "day of production activity" as any day during which a production company incurs an expense qualifying as in-state spending;
- Prohibits a project from receiving funds if the office determines that it will likely receive an "R" or "NC-17" rating from the Motion Picture Association of American or an "M" or "A" from the Entertainment Software Rating Board; and,
- Allows a state auditor to review the effectiveness, compliance, economy, or efficiency of the fund.
If approved, the law would take effect September 1, 2017.
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West Virginia (S 661)
Senate Bill 661 proposes to create a Film and Entertainment Grant Program in West Virginia. Highlights of the incentive program are as follows:
- Provides for a grant not to exceed 25% of qualifying expenses;
- Provides a per project cap of:
- $5 million for a feature length film;
- $9 million for a single season of a television series; and,
- $250,000 for a commercial for theatrical or television viewing or on-line distribution.
- Allows for the grant to be paid out over a period of time, not to exceed three years;
- Allows the first one million dollars paid to each resident and nonresident on which withholding has been remitted to qualify for the grant
- Requires the following minimum spend requirements:
- $5 million for a feature length film;
- $1 million per episode for a television series; and,
- $250,000 for a commercial.
- Stipulates that funds will be awarded to productions that are reasonably anticipated to maximize the benefit to the state;
- Requires end credits to acknowledge that the project was filmed in West Virginia; and,
- Requires an independent CPA audit to verify all actual qualifying expenses and production data.
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Production Incentives
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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