Connecticut Offers 30% Production Tax Credits

A remarkable new tax incentive is available to all advertisers producing commericials in Connecticut. The Benefit is most obvious for companies having tax liability in the state, but because of the transferability of the credits, could also be attractive to companies outside Connecticut.

The Connecticut State Legislature, seeking to grow the film industry within its jurisdiction and attract more commerical production, has passed a landmark bill that rewards companies who make films in Connecticut with production tax benefits available nowhere else. The state is offering un-capped tax credits up to 30% of qualified Connecticut spendign for goods, services, and labor on the pre-production, production, or post-production of any film or digital media project.

Connecticut's bill entitled "An Act Concerning Jobs in the 21st Century" qualifies more production cost categories than any other state's tax incentives; including talent, intellectual property, production, post production expenses and distribution. The new law's $50,000 minimum spending threshold allows most commerical productions to qualify easily for these tax credits.

The credits are transferable, so they can be sold or reassigned to third parties and be applied against corporate business taxes. A Connecticut brokerage company has been established to assist out-of-state productions to take advantage of the new tax credit opportunities.

Connecticut's offer of the 30% tax credits makes a strong case for completing part if not all of a production in the state; it's a terrific cost savings opportunity for all commercial advertisers.

Please call Howard Potter, BBS TV Consultant for further details.