New regulations regarding their tax credit. A production company applying for credits must agree:
1. To pay all undisputed legal obligations the film production company has incurred in Louisiana.
2. To publish, at completion of principal photography, a notice at least once a week for three consecutive weeks in local newspapers in regions where filming has taken place in order to notify the public to file creditor claims against the film production company by a specified date.
3. That the outstanding obligations are not waived should a creditor fail to file by the specified date.
4. To delay filing a claim for the film production credit until the office delivers written notification to the Secretary of the Department of Revenue that the film production company has fulfilled all requirements for the credit.
The new requirements are effective immediately.
Will host a new film studio in Canton, which is near Jackson. The studio will include a 36,000 sq. foot stage and 3,000 square feet of office space, and is planned for completion in mid-May, 2010. RoadTown Enterprises, the consulting group responsible for the development of Albuqerque Studios, will manage the facility. RoadTown is also working on developing a new, state-of-the-art production facility near Atlanta, Georgia. Details to follow.
Has tightened up the regulations regarding production (buying) service companies. Effective January 7, 2010, out-of-state purchases will only qualify if obtained from a local vendor who rents or sells like items. Thus, a camera dealer can order camera equipment from California if he does not have it in stock, but props or wardrobe would not qualify unless ordered by a company that rents or sells props or wardrobe. Goods ordered from companies in the business of purchasing from out-of-state, that do not operate a rental or sales business, and do not maintain an inventory, will no longer qualify for the film tax credits.
Has passed legislation that will provide a refundable tax credit beginning January 1, 2011, of 15% to 20%. $2.5 million will be available per year.
Recently announced its latest film incentive for large budget films. Effective immediately, films spending the minimum threshold in Mexico, will be entitled to a rebate with a base rate of 7.5% on qualified spend – which can be as high as 17.5% (including VAT rebate). Mexico also unveiled its production infrastructure credits, with regs. expected to be finalized shortly. The President of Mexico, attended the announcement ceremony which was held at the Baja Studios on March 10, 2010. More details to follow.