Film Production 2018-01-24T17:44:02+00:00

film production

The New York State Film Tax Credit Program offers the production industry the nation’s most stable and successful production and post-production tax credits. When choosing a location, film production companies have several details to consider, such as facility and crew availability, location, and accessibility to services. To keep competitive with international incentives and make domestic production more appealing, New York State as well as other states have developed film production incentive programs. By taking advantage of these substantial credits and incentives, business owners can greatly improve cash flow and grow and strengthen their long-term position in the marketplace.

NEW YORK STATE FILM TAX CREDIT PROGRAM – HOW IT WORKS

The Film Production Tax Credit program is designed to strengthen the film production industry in New York State and its positive impact on the State’s economy.
Program credits of $420 million per year can be allocated and used to encourage companies to produce film projects in New York State and help create and maintain film industry jobs.

Production companies may be eligible to receive a fully refundable credit of 30 percent of qualified production costs and post-production costs incurred in New York State.

For the period 2015-2022, productions with budgets over $500,000 can receive an additional 10 percent credit on qualified expenses incurred in various counties including Broome, Cortland, Madison, Oneida, Onondaga, Oswego, Tioga and Tompkins, and several others outside of New York City.

https://esd.ny.gov/new-york-state-film-tax-credit-program-production

HOW WE CAN HELP

Our team at Grossman St. Amour CPAs assists with all aspects of the process beginning with assessing eligibility, the application process and completion of all related applications and submissions, transaction structuring, all the way through to tax preparation for the entities claiming the credits.

Our comprehensive services include:

  • Applications and final submissions
  • Film accounting and bookkeeping
  • Chart of accounts structure

  • Training on film accounting software

  • Forecasts, budgeting and funding

  • Monthly and/or quarterly reporting

  • Payroll

  • Consulting with organizational structure

  • Tax credit planning and analysis

  • Tax return preparation

To learn more about the tax credits and incentives your business may qualify for, contact:

Our services include:

Founded in 1957, Grossman St. Amour CPAs provides clients with professional services in the areas of accounting, audit and taxation, business planning and valuation, financial planning and investment management, and fraud deterrence and detection. For more information about the Firm, please call 315.424.1120 or email info@gsacpas.com.

Grossman St. Amour CPAs is an independent member of PrimeGlobal, the third largest association of independent accounting firms in the world. PrimeGlobal is comprised of over 350 highly successful independent public accounting firms in 90 countries. Formed from a merger in 2011, PrimeGlobal provides its independent member firms with the tools and resources to help them furnish superior accounting, auditing, tax and management services to clients around the globe. Through PrimeGlobal, independent member firms offer the strength and capabilities of a large, worldwide organization with technical depth and geographic reach impossible for a local firm alone. For more information about PrimeGlobal, please visit www.primeglobal.net.

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