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Film Production Tax Credit

A tax credit administered by the Connecticut Commission on Culture and Tourism (CCT) is available for qualified film production expenses. Any eligible production company incurring qualified production expenses or costs in excess of $50,000 may apply for a credit equal to 30% of qualified production expenses and costs. The tax credit may be applied against the corporation business tax.

Effective Date

Effective July 1, 2006, and applicable to income years beginning on or after January 1, 2006.

Definitions

Eligible production company means a corporation, partnership, limited liability company, or other business entity engaged in the business of producing qualified productions on a one-time or ongoing basis, and qualified by the Secretary of the State to engage in business in the state.

Then, not later than 90 days after the last production expenses or costs are incurred, the eligible production company applies to CCT for a production tax credit certificate.

Any credit allowed may be sold, assigned, or otherwise transferred in whole or in part, to one or more taxpayers provided the taxpayers may claim the credit only for an income year in which the eligible production company would have been eligible to claim the credit.

The tax credit must be claimed for the income year in which final certification is made by CCT. Complete Form CT-1120FP, Film Production Tax Credit, and attach it to Form CT-1120K, Business Tax Credit Summary.

Forms are available anytime from the DRS website at www.ct.gov/DRS or by calling the DRS Forms Unit at 1-800-382-9463 (Connecticut calls outside the Greater Hartford calling area only) and selecting Option 2 from a touch-tone phone, or 860-297-4753 (from anywhere).

TTY, TDD, and Text Telephone users only may transmit inquiries anytime by calling 860-297-4911.

Production expenses and costs means all expenditures clearly and demonstrably incurred in the state in the development, preproduction, production, or post production cost of a qualified production.

Carryforward/Carryback Limitations

Any tax credit not used in the income year for which it is allowed may be carried forward for three succeeding income years. No carryback is allowed.

Credit Percentage

The credit is equal to 30% of qualified production expenses and costs and must be claimed in the income year in which final certification is made.

How to Apply

Applications for the tax credit must be made with CCT. Visit CCT's website at www.cultureandtourism.org for applications.

An application to earn the tax credit must be submitted to CCT not later than 90 days after the first production expenses and costs are incurred.

Where to Get Additional Information

Direct inquiries to:

Connecticut Commission on Culture and Tourism One Financial Plaza 755 Main Street Hartford CT 06103

860-571-7130 www.cultureandtourism.org

REFERENCES: Conn. Gen. Stat. §12-217jj

Informational Publication 2006(15), Guide to Connecticut Business Tax Credits Issued: 04/24/07

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