Know More About Production Tax Credit
As a result of the introduction of movie tax credits as well as incentives, the film industry has been through substantial changes. As the dollar continues to deal with a harsh reality, competition amongst the film industry has become tighter, as locations overseas have become relatively more burdensome for the standard movie budget of U.S. producers, studios, and independent film companies. Presently, there are approximately 43 states that give tax incentives and credits, enabling the film and tv industries a good break from overbearing costs.
Production tax credits along with other various tax incentives are not only given to anyone who wants them. Indeed, qualifications and criteria for consideration are determined on a state by state basis, and some states provide a lot more generous advantages than others. As such, selecting an optimal filming location is vital in taking into consideration overall production costs, as every production company tries to increase its profits and minimize its preventable expenses. Nevertheless, while benefits are identified on a state by state basis, there are several studios within each state that can cater to a movie maker’s needs. This is to say, just because several studios and production complexes are present in a state, it doesn’t mean they will all offer at the same quality or offer the exact same amenities.
Recently, both Atlanta, Georgia and Wilmington, North Carolina have emerged as perfect spots for filming. North Carolina has a 25% movie tax credit on in-state purchases of merchandise and also services, while Georgia has a 30% movie and TV tax credit- some of the highest film tax credits within the country. Not only do both states provide production tax credits and incentives, but they also provide picturesque and convenient locations, making it possible for many options.
One company who’s got a good grip on the movie industry is EUE/ Screen Gems, with locations in 3 tax incentive states, New York, Georgia, and also North Carolina. Screen Gems provides premier grip and lighting services along with an enormous filming area, with both the Atlanta and the Wilmington studios featuring stages of 37,500 sq. ft. (the third largest in North America). Moreover, the Wilmington studios have 2 enormous water tank sound stages, making them a more versatile production complex, able to accommodate the necessities of just about any movie 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.
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