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 18th 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 13th of 2015 at 8:00AM PDT and will remain open through July 25th 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.
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