Do You Qualify For A Film Tax Credit?
Film tax credit has been used for a long time to offset some of the expenses of film production. Different states offer various film tax incentives such as grants and bonuses to encourage filming in a certain state. In return for the film tax credit, you will have to hire local vendors, use local resources, and film in the state location.
There is a certain criterion that you have to fulfill to be able to avail the film tax credits by state. The qualification requirements could be based on the minimum budget or the type of film or something else. If you are looking to get film incentives, keep reading to know how you can qualify for it.
How To Become Eligible For Film Tax Credit?
The eligibility criteria for getting the film tax credit varies in different states. Some states require that the film production team has a minimum budget while others require you to add a stet logo and use local resources. You must search for the criteria of the state you plan on using as a location before you go there.
There is also some general criteria that is usually applied in all states. There are also states where you will be eligible to get a certain percentage of film tax incentives, but you can get some additional amount as well by doing an extra task.
Eligibility in New York
New York is one of the hubs of filmmaking. In this state, you qualify for a film tax credit by state if you are filming a feature film, a miniseries, a TV series, or movies. If the major parts of the film are shot outside New York, you need to have a minimum film budget of $250000.
However, if you shoot the major sceneries of the film in the New York City area, you need to have a minimum film budget of $1 million.
Eligibility in California
You can get up to 20 percent of film tax credit by producing the film in California. You need to have a minimum budget of $1 million to qualify for film incentives. These film tax incentives are only appliable for reward on the first $100 million in expenses that qualify for the credit.
Key Takeaways
You can receive film tax credit in different states of the US, but you have to meet the specific criteria set forth by that state for film incentives. Most of these criteria include a minimum limit for the budget of the film. However, the criteria cold also be that you have to use the local resources and shoot a certain portion of the film in the state. So, make sure you check your chosen state for the exact eligibility requirements for the film tax incentives.
