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Tax Blog: SALT Spotlight on California's Film Tax Credit Program
Article: Lights, Camera, Action and Tax Cut! Spotlight on California’s Film Tax Credit Program
Article: Lights, Camera, Action and Tax Cut!
BLOG: Spotlight on California’s Film Tax Credit Program
The California Film Commission Adopts New Regulations
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MOVIE PRODUCTION TAX INCENTIVES: LIGHTS, CAMERA, ACTION AND TAX CUT!

Cost Free
Presentation Length 1.0 hour

Recorded DateJanuary 22, 2015
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes
Course Description

Movie Production Incentives (hereinafter “MPIs”) are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state film production and post-production activities. The state-by-state legislative histories and policies driving MPIs are clearly aimed at increasing economic growth at the state and local levels through filmmaking and television production throughout the United States while curtailing the departure of movie production to other countries.

While the applicable qualifying production activities vary from state-to-state many common qualified production activities include, but are not limited to, feature films, television series, relocated television series, television pilots and television movies. Furthermore, the structure, type, and size of the incentives vary from state to state. Many MPIs include tax credits and exemptions (e.g., sales and use tax exemptions, lodging exemptions, etc.) while other state incentive packages include cash grants, fee-free locations amongst many other benefits.

It should be duly noted that there are now over 30 states that offer MPIs with most being either transferable (e.g., transferable credits allow production companies that generate tax credits greater than their tax liability to sell those credits to other taxpayers, who then use them to reduce or eliminate their own tax liability) or refundable (e.g., refundable credits are such that the state will pay the production company the balance in excess of the qualified expenses).

It is critical to design and implement a sustainable methodology that will incorporate all applicable multi-state MPIs to properly tax effect the cost of filmmaking within the United States. As a direct result of these advantageous MPIs, the new expression in the entertainment industry will be – “Lights, Camera, Action and Tax Cut!”

PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Peter J. Scalise

Prager Metis CPAs, LLC
Federal Tax Credits & Incentives Practice Leader
pscalise@pragermetis.com
(212) 835-2211

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Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level. Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property. Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.

About Our Presenter

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Prager Metis CPAs, LLC is a Top 100 Accounting Firm, with more than 50 partners and principals, 250-plus team members, and seven offices worldwide including New York, New Jersey, Los Angeles and London. Clients come to Prager Metis for the expert advice that protects and grows the value of their world—whether that world is local or extends across international markets. Prager Metis helps make Your World. Worth More.