1 Illinois Film Production Services Tax Credit Annual Report Types of Vendors Hired, Depending on Production Needs, Include
Illinois Film Production Services Tax Credit Annual Report FY2019 July 1, 2018 – June 30, 2019 When a production company is ready to claim their credit, they engage an Illinois licensed independent Certified Public Accountant who submits a report attesting to the qualified expenses including exact numbers of Illinois residents hired, and vendors used. However, the Film Tax Credit rule provides qualified productions up to two years from the completion of the project to claim a tax credit. Therefore, the figures reported may be for projects dating back to 2014. Beginning in FY2015 Q1, reporting methodology was changed from using spending estimates provided upon application to actual expenditures reported when the credit is claimed. However, we continue to report estimates for performance metrics. Estimates, while less precise, are timelier. Furthermore, projects awarded tax credits during this period may have been previously counted using the prior methodology. Amount of film production spending in Illinois and number of job hires: Total Job Production Talent Credits TOTAL Qualified Qualified IL Qualified IL Crew Hires FY19 Actual Office Hires** Issued Expenses* Wages* Vendor Expenses* Hires** (EXCLUDES Hires** *** EXTRAS) Commercial 206 50,458,708.56 26,586,450.65 23,872,257.91 1,110 5,468 897 7,475 TV 46 328,067,138.93 196,688,603.70 131,378,535.23 664 8,837 1,551 11,052 Film 19 57,342,192.85 32,977,724.61 24,364,468.24 92 2,916 375 3,383 TOTAL 271 $ 435,868,040.34 $ 256,252,778.96 $ 179,615,261.38 1,866 17,221 2,823 21,910 *Actual expenses reported are measured from the date of issuance of the tax credit.
[Show full text]