Friedman, Suvalle & Solomon, PC

MASSACHUSETTS FILM TAX CREDIT

Studios, producers, advertising agencies and filmmakers–who either shoot at least half of their shooting days or spend at least half of their production budget in the state of Massachusetts–are eligible for a tax credit equal to 25 cents for every new dollar of spending they bring to Massachusetts. No caps. No limits. No pre-authorization. No pre-certification.

Massachusetts is one of the only states in the country that allows filmmakers to take their credits either as a direct rebate at 90% of the face value (guaranteed), or to sell them at market rate—whichever is more favorable.

With the spending threshold lowered to $50,000 and with “digital media projects” now eligible, Massachusetts has extended the benefits of the film tax credit to the small independent and documentary filmmakers as well as commercial productions — key elements of our ever-expanding Creative Economy.

Effective December 8, 2008, film credits involving at least $250,000 of qualified film expenses are required to be audited by Massachusetts Certified Public Accountants.

Friedman Suvalle & Salomon, located in Newton, Massachusetts offers specialized consulting services targeted at producers and filmmakers. Our services for production companies participating in the Massachusetts Film Tax Credit program include:

Provide the necessary independent CPA Certification of Film Tax Credit
Consulting with producers on the Massachusetts Film Tax Credit program requirements
Sales and use tax consulting
Payroll tax/fringe consulting
Federal tax incentive consulting (Internal Revenue Code Section 181)
Income tax return compliance services

We can provide timely turn-around to expedite the receipt of your credit/incentive and provide the appropriate services you might need at a reasonable cost.

For more information, contact Steve Schwartz for an initial no obligation consultation.

Schwartz@fsscpa.com