The California Film & Television Tax Credit Program 2.0 Application Window is Now Open

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Written by Peter J. Scalise | Posted in IRS

As an overview, the California Film & TV Tax Credit Program 2.0 (hereinafter “CTCP 2.0”) provides tax credits based upon Qualified Production Activities (hereinafter “QPAs”) and Qualified Production Expenditures (hereinafter “QPEs”) that are produced in California.

The enhanced program enacted on September 18^th of 2014 established a 5-year, $1.55 billion dollar program that commenced on July 1, 2015. It should be duly noted that $230 million dollars is available for the 2015/16 fiscal year; and $330 million is available for each of the subsequent four fiscal years through 2019/20. As a reminder, the California fiscal year is July 1 through June 30.

Tax credits under this enhanced program for QPAs and corresponding QPEs will now be allocated for each fiscal year according to the subsequent category percentages:

• New & Recurring TV Series; “Movie of the Week” or Miniseries; and / or TV Pilots – 40%

• Non-Independent Films – 35%

• Relocating TV Series – 20%

• Independent Films – 5%

The new on-line application portal is now open and accepting applications as of July 13^th of 2015 at 8:00AM PDT and will remain open through July 25^th of 2015 at midnight PDT for Independent Film projects and Non-Independent Feature Film projects only.

Applicants must first create an account at www.taxcredit.film.ca.gov and should prepare the materials set forth within the Application Checklist and follow the Budget Tagging Instructions in order to prepare their detailed budgets.

Peter J. Scalise

Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.

Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.

Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.