The Business of Independent Film For the past few years, the business of creating independent film has faced many challenges. Outside financing has suffered from the “Great Recession” as banks stopped lending, Federal Section 181 film tax credits have evaporated, State film Tax credit programs have imploded from scandal and debate rages about the effectiveness […]
Archive for the ‘State Incentives’ Category
When Soderbergh Speaks, Indie Filmmakers Listen
May 2, 20135 #Legal Questions to Ask BEFORE Starting Your #Crowdfunding Project
April 9, 2013Five Legal Questions To Ask BEFORE Crowd-funding You Next Film (or Creative) Project Intro I recently had the opportunity to share the stage at a Chicago VentureShot Community panel presentation on crowdfunding an independent film project. My client successfully raised enough funds to produce his film through the Crowdfunding site KickStarter.com. Due to the unpredictable […]
Chicago Tribune Sponsors Panel Discussion About Creative Professionals
March 13, 2013What does it mean to be a creative professional in Chicago? That is the topic for discussions during the Chicago Tribune’s Trib Nation event Chicago Forward: The Future of the Arts in Chicago being held tonight, March 13, 2013 at 6:00 PM. In the Chase Auditorium at 10 South Dearborn. The event proposes to discuss […]
NOVAC Provides Local Filmmakers Financing and Guidance on Making Deals
April 12, 2012April 11, 2012 Via Chris Henson, New Orleans Indie Movie Examiner “The film industry in New Orleans, and in Louisiana in general, is booming. But it is not only the major studio productions coming to the Crescent City. Independent filmmaking has also exploded in the area. Non-profit organizations like the New Orleans Video Access Center […]
Checklist of Provisions for an LLC Operating Agreement For Film Production
March 14, 2012It is increasingly common for film producers to use LLCs as a way to raise funds for production and limit liability of the producers and investors. Below is a checklist of provisions that should be discussed with production counsel prior to forming your LLC. 1. Introductory Clauses and Definitions (Both are optional but common; these […]
Section 181 “Indie” Film Tax Credit Resurrected in Tax Deal
December 20, 2010Obama has breathed new life into the Section 181 film tax credit (originally blogged about here) that had expired at the end of 2008. Originally signed into law as part of the 2004 Jobs Creation Act, it has been resurrected as part of the controversial new tax bill. The new tax bill recently signed into law […]
Are documents submitted in support of state film tax credit incentives confidential?
February 24, 2010That is the question being posed in Iowa after that state’s suspension of the film tax credit program by the governor’s office. Eleven film companies are suing Iowa’s Department of Economic Development, arguing that certain documents relayted to film tax credit program – including expenses and budgets – should be kept confidential. The attorney for the film […]
Clock is Ticking on IRS Section 181 Film Tax Incentive!
December 11, 2009“American Jobs Creation Act: Section 181” provides 100% Federal deductions against passive income. State Film Production Tax Credits may also be available. What Is Section 181? How Does Section 181 Work? Who Is Eligible for Section 181 Deductions? Section 181, first enacted by Congress in 2004, and blogged about here, was extended and modified on […]
Illinois Film Production Services Tax Credit Act
October 22, 2009In 2003 Illinois introduced a wage-based tax credit for film producers. In December of 2008 Illinois passed the Illinois Film Production Tax Credit Act, offering producers a credit of 30% of all “qualified expenditures,” including post-production, and has no expiration. To promote growth and job opportunities in the Illinois film industry, the Act is to beneficial to […]
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