It appears that the Governor and legislators have reached a compromise on changes to the NM Tax Credit program. If passed by the legislature, the program, which currently has no annual cap, would cap credits at a maximum of $45 million per year. The percentage for qualified expenses would remain at 25%.
CALIFORNIA APPLICATIONS
Applications for the incentives program for the current fiscal year will no longer be accepted. Applications for the fiscal year that begins July 1st , 2011, may be delivered to the California Film Commission office starting at 9:00 AM on June 1st, 2011. Applications received after 3:00 PM will be processed the next day. Applications received prior to June 1st will be returned unopened; the same for incomplete applications.
If more applications are filed than available funds, the funds will be allocated to projects by lottery. Applicants will be notified on June 2nd, 2011, if funds are available for their project(s).
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