MICHIGAN -- The Michigan Governor has proposed budget reform that will eliminate all state tax credits, including those offered by the film program. (Existing credits will be honored). No specifics were presented. A film incentives program will continue, with $25 million per year to be provided by the 21st Century Jobs Fund. What will happen to projects that have been approved, but not completed, was not disclosed.
This budget has not been passed; it must be submitted to the legislature, debated, voted on, and passed. Approval of the budget as presented is not certain, and some changes are likely.
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PUERTO RICO -- The legislature passed the new film incentives act in January; it is anticipated that it will be signed into law the first week of March. It will grant a new tax credit equal to 20% for non-resident actors and stunts, with no caps. Previously, non-resident talent did not qualify. The 40% tax credit on payments to residents will increase to a $50 million yearly cap, with no per project or per item cap. The requirement that 50% of principal photography take place in Puerto Rico has been eliminated.
UTAH -- The recent bill to increase 20% Utah incentive to 25% is expected to pass shortly. There is no longer a sunset, and digital media has been added as qualified production.
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