The Production Tax Credit
As a result of the launch of movie tax credits as well as incentives, the movie industry has undergone major changes. While the dollar continues to deal with a harsh reality, competition amongst the movie industry has become tighter, as locations in other countries have grown to be relatively more burdensome for the typical film budget of U.S. movie makers, studios, and independent film companies. Presently, there are around 43 states that offer tax incentives plus credits, making it possible for the film and television industries a nice break from high expenses.
Production tax credits as well as other different tax incentives are not just awarded to anybody who desires them. Indeed, qualifications and requirements for consideration are determined on a state by state basis, and several states offer a lot more generous advantages than others. As such, selecting an ideal filming location is important in taking into consideration overall production expenses, as every production firm seeks to increase its profits and reduce its avoidable expenses. Nevertheless, while incentives are identified on a state by state basis, there are multiple studios within each state that can accommodate a film maker's needs. This is to state, just because multiple studios and production complexes exist within a state, it does not mean they will all deliver at the very same level of quality or offer the exact same amenities.
In recent years, both Atlanta, Georgia and Wilmington, North Carolina have emerged as ideal spots for filming. North Carolina has got a 25% movie tax credit on in-state purchases of merchandise and services, while Georgia has a 30% movie and TV tax credit- several of the highest movie tax credits within the country. Not only do both states provide production tax credits and incentives, but they also provide scenic and convenient locations, making it possible for a multitude of options.
One company who has a good grip on the film industry is EUE/ Screen Gems, with locations in 3 tax incentive states, New York, Georgia, and also North Carolina. Screen Gems offers premier grip and lighting services in addition to an enormous filming area, with both the Atlanta and the Wilmington studios having stages of 37,500 sq. ft. (the 3rd largest in North America). Additionally, the Wilmington studios have two gigantic water tank sound stages, which makes them a more flexible production complex, capable to accommodate the necessities of any film or television producer.
"North Carolina is a top destination for movie and television. It turns the economic engines in our state. Our incentive is strong and competitive because we're serious about bringing business to North Carolina. We have excellent crew here. They're considered among the best in the business," says Aaron Syrett, director of the North Carolina Movie Office. Production tax credit is a huge element with regards to choosing a state to movie in, and that's why EUE/Screen Gems has gotten total advantage of its ideal production locations in Wilmington, North Carolina and Atlanta, Georgia.
Production tax credits as well as other different tax incentives are not just awarded to anybody who desires them. Indeed, qualifications and requirements for consideration are determined on a state by state basis, and several states offer a lot more generous advantages than others. As such, selecting an ideal filming location is important in taking into consideration overall production expenses, as every production firm seeks to increase its profits and reduce its avoidable expenses. Nevertheless, while incentives are identified on a state by state basis, there are multiple studios within each state that can accommodate a film maker's needs. This is to state, just because multiple studios and production complexes exist within a state, it does not mean they will all deliver at the very same level of quality or offer the exact same amenities.
In recent years, both Atlanta, Georgia and Wilmington, North Carolina have emerged as ideal spots for filming. North Carolina has got a 25% movie tax credit on in-state purchases of merchandise and services, while Georgia has a 30% movie and TV tax credit- several of the highest movie tax credits within the country. Not only do both states provide production tax credits and incentives, but they also provide scenic and convenient locations, making it possible for a multitude of options.
One company who has a good grip on the film industry is EUE/ Screen Gems, with locations in 3 tax incentive states, New York, Georgia, and also North Carolina. Screen Gems offers premier grip and lighting services in addition to an enormous filming area, with both the Atlanta and the Wilmington studios having stages of 37,500 sq. ft. (the 3rd largest in North America). Additionally, the Wilmington studios have two gigantic water tank sound stages, which makes them a more flexible production complex, capable to accommodate the necessities of any film or television producer.
"North Carolina is a top destination for movie and television. It turns the economic engines in our state. Our incentive is strong and competitive because we're serious about bringing business to North Carolina. We have excellent crew here. They're considered among the best in the business," says Aaron Syrett, director of the North Carolina Movie Office. Production tax credit is a huge element with regards to choosing a state to movie in, and that's why EUE/Screen Gems has gotten total advantage of its ideal production locations in Wilmington, North Carolina and Atlanta, Georgia.
About the Author:
While the cost of movie production keeps rising, tax incentives have been approved to actually cut production costs and stimulate the domestic economic conditions.This production tax credit is the new backbone of film financing equations.
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