On Nov. 10, Illinois Governor Bruce Rauner announced the lifting of the "deferral" of new film tax credit applications. In a pro-jobs move, Governor Rauner took the film tax credit out of the current budget crisis. This will allow prior applications to be approved by the film office. Also, new applications will be processed on a timely basis.
The Illinois film tax credit is competitive offering 30 percent on qualified expenditures in the state, including 30 percent on Illinois salaries up to $100,000. Qualified expenditures include production and post production. There is a 15 percent uplift for salaries for individuals that live in an economically disadvantaged area. This is good news for the film industry, which was caught in the political quagmire despite cross-party support for the program.
For more information, contact alert author Stephen Weizenecker at 404-264-4038 or email@example.com.
©2015 Barnes & Thornburg LLP. All Rights Reserved. This page, and all information on it, is proprietary and the property of Barnes & Thornburg LLP. It may not be reproduced, in any form, without the express written consent of Barnes & Thornburg LLP.
This Barnes & Thornburg LLP publication should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.