![]() ![]() ![]() Personal income tax must be withheld and the production company must file a Loan-Out Affidavit/Allocation Form for each Loan-Out with the credit application. Payments to Loan-Outs qualify for the payroll credit. ![]() Production company and/or payroll services company must be registered with the Department of Revenue for withholding of personal income tax 5% personal income tax must be withheld to qualify for the credit. Fringe benefits apply if included in Massachusetts source income to the recipient. Payments that constitute Massachusetts source income to the recipient. STE form may be emailed to Approval time is normally 3-5 business days. Vendors may also require a copy of DOR’s approval letter. After conditional pre-approval, production company provides vendors with exempt use certificate. Form requires estimated Massachusetts and non-Massachusetts budgets and shoot days and the consecutive 12-month eligibility period for credits and tax exemptions. (Production expenses for this purpose include all qualifying payroll expenses.)Īt least 75% of the production company’s total principal photography days, exclusive of pre- or post-production, must take place in Massachusetts.Īs of January 1, 2022, 50% increased to 75%.Ĭomplete STE form and file with Massachusetts Department of Revenue prior to start of production. Production company’s production expenses in Massachusetts, during the qualifying period, must exceed 75% of all production expenses for the project. Ineligible: Room occupancy taxes, taxes related to equipment purchases, fuel tax. There is no requirement that an accredited film school student must also expend at least $50,000.Ģ5% payroll credit Post Massachusetts productionĢ5% production credit Post Massachusetts productionĮligible: Production expenses including meals. Students from accredited film schools are eligible for a sales tax exemption for production expenses. There are no residency requirements for vendors, crew, actors, etc. NOTE: Additional eligibility requirements apply to Production Credit and Sales Tax Exemption. The qualifying period can cross taxable years. The 12-month qualifying period must be the same for sales tax exemption and tax credits. Minimum spend: motion picture production company must spend $50,000 or more in Massachusetts qualifying costs during a consecutive 12-month qualifying period. Ineligible: news, current events, weather and financial market reports talk show game show sporting events awards show or other gala event fundraising production long form production marketing product or service corporate training and in-house corporate advertising video games a production containing obscene material or performance. Multiple episodes of a TV series or multiple commercials for the same client may be aggregated to qualify. The MassachusettsĮligible: Feature-length film, video, digital media project, a TV series with a maximum of 27 episodes, a commercial for theatrical or TV viewing or as a TV pilot. Massachusetts General Laws and DOR directives prevail over information presented here. For specific requirements, see link to Department of Revenue (DOR) directives and forms. This might be an attractive option for creators worried about how fundamental changes in the content business are affecting their paychecks.This chart provides general information about film production incentives. He also explained that the business of filmmaking has intrinsically changed with the emergence of streaming services. In a recent statement, Matt Damon explained that historically, the success of a film was determined by how well it performed at the box office. As a result, Affleck and Damon said they'd find a more welcoming environment and more generous profit sharing. Related: Ben Affleck's Best Movies of the 2000s, Rankedĭespite streaming services' growing popularity and shrinking earnings, Ben Affleck and Matt Damon are fighting together to redefine the format of a creator-focused studio. " Artists Equity was conceived from Matt's and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers." On top of that, Michael Joe, former chief operating officer of STX Films and former executive vice president at Universal Pictures, has been named COO. The Los Angeles-based company will be led by Affleck, and will have Damon as chief creative officer. ![]()
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