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Tax credit transfer fee: 2.5% of transferred credit amount eligible for non-resident wages, and an additional . 25% of the total amount of the transferred credit which is not calculated on non-resident wages.
About. In 2008 the Illinois General Assembly passed the Illinois Film Production Tax Credit Act, offering producers a credit of 30% of all qualified expenditures, including post-production. The Illinois Film Tax Credit is currently scheduled for legislative renewal in 2032.
The Program provides for a transferrable credit of 20% of all qualified Illinois expenditures including Illinois resident salaries (non-talent) up to $100,000 per worker.
Qualified expenditures include tangible, personal property and services purchased from Illinois vendors, and compensation paid to Illinois resident employees.
A qualifying child is a student who, during the tax year, must have been an Illinois resident, under age of 21 at the close of the school year, and a full-time student enrolled in kindergarten through 12th grade at a qualifying school. Qualifying education expenses include tuition, book fees, and lab fees.
California Film Tax Credit Created in 2009. In response, the Legislature in 2009 created a tax credit to reduce production companies' tax liabilities by up to 25 percent of certain production expenses. Credits can be used to reduce corporation, personal income, or sales tax liabilities.
Refundable credits are such that the state will pay the production company the balance in excess of the company's owed state tax. Cash Rebates: Cash rebates are paid to production companies directly by the state, usually as a percentage of the company's qualified expenses.