|Checking In: What’s New in Your Neighborhood?|
Tax incentives are ever-changing and therefore, we’ve learned that a tax credit that is being offered right now could be gone tomorrow. Though the question that seems to be on everybody’s mind today, is "What’s the big deal with Michigan?” So here’s the scoop. Currently, Michigan is offering one of the most competitive tax incentives in the country. The film production credit, as it is officially called, is a refundable, assignable tax credit between 30 - 40% with the possibility to earn an additional 2% incentive, based on qualifying expenditures and several other factors which are explained in depth on their website.
The "Great Lake State” seems to be playing backdrop to many upcoming and existing projects. This has led to an influx of production services, including new and converted soundstages throughout the state, equipment houses and post production facilities. To explore all that Michigan has to offer, please visit their website at www.michiganfilmoffice.org.
This past June, FilmUSA hosted "Breakfast with the Commissioners” at the Produced by Conference and one of the Film Commissioners that I had the pleasure of conversing with was Mariella Perez Serrano of Puerto Rico. While many of you already know that Puerto Rico is in the heart of the Caribbean, you may not know of the current 40% transferable tax credit on production related expenditures for qualified projects. Additionally, the Economic Development Bank of PR (EDB), a government entity, offers multifarious financing programs, including direct lending, to those projects that opt to organize their financing structure in Puerto Rico. If you would like more information on any of the above mentions, please visit their website at www.puertoricofilm.com or give them a ring at (787) 758-4747.
One of our many goals of FilmUSA is to continually keep the dialogue going amongst producers, as a means of sharing experiences, ideas and pertinent information about filming in the United States. Over the next few months this committee will be working hard to develop innovative ways to foster interactive think-tanks that will bring some of the greatest minds in the Industry together (aka: PGA Members) – stay tuned!
We’re on the move! Each quarter FilmUSA will be highlighting randomly selected states that offer incentives. You’re neighborhood could be next.
By Erica McIntosh