Film Production Tax Credits
One of our service/industry specialties at EBS is film production tax credit consulting. In an effort to attract and promote commerce and job opportunities in their states, many state legislatures across the US have enacted laws that provide tax credits to companies that produce films, television series, documentaries and commercials in their states. The companies receive tax credits for a percentage of the total amount of qualified production expenditures including post-production. The credits can be used by the companies internally or sold to tax credit buyers. To receive the tax credit production companies must engage a certified public accounting firm to validate and calculate local production spend. The accounting firm then issues a report of its findings and/or the tax credit profile directly to the state film office.
EBS launched its film production tax credit offering in 2007 when it was engaged by the State of Illinois to perform the certification of the Fox Television series "Prison Break". At the time the "Prison Break" tax credit was the largest tax credit issued in Illinois history. Since that time EBS has worked on numerous tax credit projects in Illinois and other states including films, scripted and reality television series, documentaries and commercials. See below for video clips from some of the production projects EBS has worked on.
EBS' film production tax credit service includes the following:
- Education on film tax credit rules and regulations
- Validation and calculation of local production spend
- Preparation of tax credit report and/or tax credit profile
- Liaison with state film office on tax credit matters and tax credit approval
- Referrals of potential tax credit brokers/buyers