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The Illinois Film Tax Credit is currently scheduled for legislative renewal in 2032. 15% additional credit- applicants will receive an additional 15% tax credit on salaries of individuals (making at least $1,000 in total wages) who live in economically disadvantaged areas whose unemployment rate is at least 150% of the State's annual average.
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There is no fee to apply. Beginning July 1, 2024, taxpayers...
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There is no fee to apply. Beginning July 1, 2024, taxpayers who have been awarded a tax credit under the Film Production Services Tax Credit Act of 2008 shall pay to the Department of Commerce and Economic Opportunity, after determination of the tax credit amount but prior to the issuance of a tax credit certificate pursuant to Section 35 of the Film Production Services Tax Credit Act of 2008 ...
Must spend at least $50,000 in Illinois Production Spending for a project less than 30 minutes. Must spend at least $100,000 in Illinois Production Spending for a project 30 minutes or over. Receipts and financial materials must be processed by a Certified Public Accountant. Complete set of IFO Tax Credit Rules and Requirements. Illinois Film ...
The Illinois Film Production Tax Credit Incentive Program provides for qualified productions to receive a 30% credit. Expanded & Extended Film Tax Credit Ushers in a New Era. IPA partnered with business, industry and labor in support of legislation to expand and extend the Film Incentive program, or as we refer to it, Illinois Production+.
State Representative Margaret Croke of the 12th District declared, “In the past decade, Illinois’ film and television industry has grown to be a nationwide competitor, and that is largely thanks to the Illinois Film Production Services Tax Credit. This highly-effective incentive has brought millions in direct spending, as well as numerous ...
Apr 12, 2022 · It’s time to celebrate a massive win for the Illinois production industry. Effective July 1, 2022, the Illinois Film Production Tax Credit program will officially be expanded, implementing the new provisions provided in the Illinois Production+ legislation championed by the Illinois Production Alliance. The IPA legislative team along with ...
The credit may be claimed upon completion of production in Illinois but no later than two years following the completion of production in Illinois. For tax credits transferred on or after July 1, 2023: the transferor must pay a fee equal to 2.5% of the transferred credit associated with nonresident wages and an additional fee of 0.25% of the ...
