In July, the Regulations developed by the California Film Commission (CFC) to administer the state’s renewed Film and TV Tax Credit Program 3.0 were approved by the Office of Administrative Law, the agency responsible for reviewing all state agency regulations, effective July 1, 2020.
The CFC created the regulations for the renewed program with feedback from an extensive network of entertainment industry stakeholders.
For a comprehensive look into Program 3.0, watch EP’s interview with Colleen Bell and Nancy Rae Stone of the California Film Commission.
Also in July, the CFC board of directors addressed an emergency regulatory petition, which would allow 100% of unused tax credits from programs 1.0 and 2.0 to rollover into the funding available in the current fiscal year. The board amended and approved the petition to enable the program to have sufficient tax credits to fund all program categories, including recurring TV series.
Governor Brian Kemp signed HB 1037 into law at the beginning of August. The bill makes changes to the Georgia Entertainment Industry Incentive Act, which includes requiring productions to undergo mandatory audits by the Georgia Department of Revenue or third-party auditors picked by the state agency, prior to issuance of a final certification.
The bill also reinforces the disallowance of the 10% promotional uplift, until productions have received multi-market distribution, and changes the timing of when a tax credit can be claimed.
The Act becomes effective January 1, 2021.
In July, Australia announced a $400M AUD ($280M) extension to its Location Incentive grant, which is available until June 30, 2027.
The Location Incentive grant is a merit-assessed grant where funding may be offered up to 13.5% of a project’s Qualifying Australian Production Expenditure. This grant complements and is additional to, the Government’s existing 16.5% Location Offset tax rebate.
These materials have been prepared by Entertainment Partners for informational purposes only and should not be construed as tax advice or relied on for specific projects. Though every effort has been made to remain current, laws and incentives change and therefore this information may have been revised. Please contact your legal or tax advisors to confirm any laws or the effect of incentives on your project. For updates and more information, please visit our website at productionincentives.com.
Providing links to other sites shall not be construed as an endorsement by Entertainment Partners of the linked websites or the opinions expressed on such websites.
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