Massachusetts Film credits
Studios, producers, advertising agencies and filmmakers who either shoot at least half of their shooting days or spend at least half of their production budget in the state of Massachusetts are eligible for a tax credit for every new dollar of spending they bring to Massachusetts. Furthermore, Massachusetts law (ST. 2007, C.63) allows production companies to assign and transfer the credits to other taxpayers with no limitations. This allows for an active market which provides liquidity to the production companies.
KLR currently has MFC available for sale to its clients at a price of 92 cents per dollar of credit allowed. The MFC can be used for personal income taxes as well as corporate excise taxes. The credits reduce these taxes dollar for dollar regardless of the amount paid for the MFC.
How we can help:
- Consulting with production companies filming in Massachusetts
- Facilitate the purchase of available MFC
- Income tax compliance services
- Sales and use tax consulting
- Production cost certification audits
- Not-for-profit services (non-profit production companies)