Movie Production Incentives, also known as film tax credits are tax benefits offered on a state by state basis throughout the United States to encourage production companies to film in that particular state. By moving production to a state, the producers will be able to save money on taxes owed wither through tax credits, rebates, grants, or other perks in exchange for a production company shooting in said state. There are several types of MPIs, and we are here to explain the differences and show you how you can save money on your film production, in some instances up to 30% of your budget by using these available tax credits.
In this episode, Lisa sits down with DiAndrea Green, a tax lawyer in Bennett Thrasher’s State and Local Tax consulting practice where she as advises motion picture studios, television networks, independent film producers and digital entertainment companies across the country on how to pursue, utilize and monetize movie production incentives and film tax credits. Her work primarily consists of educating clients on the law surrounding available state film tax credits and the qualifications required in pursuing those credits, and Dee is here to educate us!
Dee outlines the different MPIs available to producers, including the difference between transferable and non-transferable tax credits, tax refunds, grants, how to qualify for these MPIs, how to reduce your tax burden, the differences between Georgia, New York and California, and why and how Georgia has come to lead the country in film and TV production using these tax credits for studios. We don’t forget about the indies: we also talk about how to make these MPIs work for production companies that don’t have the big studio budgets.
Lastly, Lisa and Dee talk about Georgia’s Music Tax Credits, a new initiative, the first of its kind in the country that allows a music production company to receive up to a 15% income tax credit of a music production company's qualified production expenditures in the state. It works but could be better and we talk about that too!
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