Kentucky film tax incentives

Kentucky business incentives and financial programs. Qualified productions have the option of taking advantage of either the sales tax refund incentive or the brand new kentucky statewide incentives. Each ping was a new application for the states film incentive program, which promises to. Kentucky gives away millions in film incentives, doesnt know what it. Matt bevin and the kentucky film office asked state lawmakers to suspend a controversial film tax credit. Following is an overview of the current kentucky film and production tax incentives and credits. New mexico has a 25 to 30 refundable film production tax. From film tax incentives to stunning landscapes, the kentucky film office is here to make your vision a reality. Kpm film is cpa firm who serve as trusted advisors to state tax offices and film bureaus, attorneys, producers and studio finance departments on the subject of film tax credits across the u. Poe helped advocate for the increase of tax incentives to get more films made in kentucky from a 20 percent refundable tax credit to 30 and 35. Review of kentuckys economic development incentives. Kentuckys probusiness climate provides a number of incentives for businesses. Tax incentives for film production kentucky film office.

Since 2009, kentucky has offered tax incentives for film productions including featurelength movies, television. This is the first in a series of stories about tax breaks and incentive programs that cost kentucky billions of dollars each year. The incentive provides qualifying applicants the ability to recover up a portion of qualified expenditures through a refundable income tax credit. Type of incentive 30% refundable tax credit maximum benefit.

Kentucky s probusiness climate provides a number of incentives for businesses. Kentucky film tax credits create huge burden on state budget. Financial incentives kentucky cabinet for economic. In addition to helping production companies optimize and monetize state tax incentive programs, we provide a variety of advisory, audit and tax services for the entertainment industry. At the time, the package was attractive to outofstate filmmakers and helped make the state more competitive. Production company registration is required if production company is not formed in kentucky.

Kentucky film incentive the kentucky film incentive is designed to encourage the development of the film industry in kentucky. Once the total annual cap is approved, the film office cannot approve any further applications for tax incentives for that calendar year. Submit application to the ky film office no less than 30 days prior. With so many brand new members, i thought i would try to give information about this network. The kentucky film office and the secretary or the tourism, arts and. Even kentuckys film office cant justify losing millions to filmmakers.

The kentucky economic development finance authority kedfa, established within the cabinet for economic development to encourage economic development, business expansion, and job creation, provides financial support through an array of financial assistance and tax credit programs. The three employees running kentucky s film office spent the last week of january watching emails roll in. Applications are approved by the kentucky film office, secretary of the. Kentucky previously passed a series of film production tax incentives in 2009. Ohio has a 30 percent refundable and transferable credit. The commonwealth put a halt on taking tax incentive applications in february of 2018.