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Film Production Activity Tax Credit Report 2013

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Film Production Activity Tax Credit Report 2013 Maryland Film Production Activity Tax Credit Annual Report Pursuant to Tax General Article §10-730 Submitted by Maryland Department of Business and Economic Development December 2013 Maryland Film Production Activity Tax Credit Overview During the 2011 Maryland General Assembly, Chapter 516 Maryland Film Production Employment Act of 2011 (Act) was signed into law. The Act repealed the existing Film Production Rebate Program and replaced it with a tax credit for qualified direct costs of qualified film production activities including feature films and television series. Under the Act, the Department of Business and Economic Development (DBED) could award a maximum of $7.5 million in credits, in each fiscal year, beginning in FY 2012 through FY2014. Qualifying production activities were eligible for a tax credit of up to 25% of the qualified direct costs for a feature film and 27% for a television series. If the amount of the tax credit exceeded the total tax liability in the tax year, the entity could claim a refund in the amount of the excess. The Act became effective on July 1, 2011 with a sunset date of June 30, 2014. Under the Act, a total of $22.5M ($7.5 per FY) in tax credits was available for FYs 2012 thought 2014. All of these tax credits were committed to six productions by January 2012 to: House of Cards - Season 1; VEEP - Seasons 1 & 2; Jamesy Boy; Better Living through Chemistry; and, Ping Pong Summer. In order to retain the filming of the two television series House of Cards and VEEP in Maryland, the 2013 Maryland General Assembly passed Chapter 28 Maryland Film Production Activity Tax Credit to increase the Film Tax Credit by $32.5M over three years and extend the sunset through FY2016. All of the tax credits were committed by the end of the first day DBED began accepting applications (April 17, 2013). Specifics Tax General Article § 10-730 requires DBED to report on specific data before January 1 of each year: (1) the number of film production entities submitting applications; (2) the number and amount of tax credit certificates issued; (3) the number of local technicians, actors, and extras hired for film production activity during the reporting period; (4) a list of companies doing business in the State, including hotels, that directly provided goods or services for film production activity during the reporting period; and (5) any other information that indicates the economic benefits to the State resulting from film production activity during the reporting period. Page 1 of 4 Three applications for tax credits were received in 2013 – from MRC for House of Cards - Season 2, from HBO for VEEP - Season 3 and from HBO for a film, The Immortal Life of Henrietta Lacks. In addition, both MRC and HBO submitted letters of intent to DBED to film subsequent seasons in order to reserve tax credits for an additional season. Based on the timing of the applications and letters of intent, the funds allocated with the enhancement were committed to House of Cards - Season 2, VEEP - Seasons 3 & 4 and the HBO film, The Immortal Life of Henrietta Lacks. However, in August 2013, HBO informed DBED that the production on this film had been delayed and DBED withdrew its commitment of $4M in tax credits. Once the funds were released, DBED encumbered those credits toward House of Cards – Season 3. Attached is a summary (Appendix A Maryland Film Production Activity Tax Credit Recipients FY 2013 – FY 2014) outlining those tax credits that closed in CY2013, as well as the tax credits that are currently encumbered through FY2016. All productions have been qualified and approved to receive a tax credit and have either been issued a final tax credit certificate, a preliminary tax credit certificate or a letter of intent indicating the maximum amount of tax credits for which the company is eligible and the fiscal year from which those credits will be drawn. In addition, the chart includes the projected spend, the estimated hires and the estimated number of local businesses impacted for each company. This information is taken directly from the applications for tax credit submitted by the production companies or projected from prior seasons of the production. The final tax credit amount will be determined based on the company’s actual qualified direct spend after the conclusion of the film production activity in the State and the State’s review of all their closing documentation, including a Report on Agreed Upon Procedures by an independent CPA. Four production companies were issued Final Tax Credit Certificates during CY2013: 1) Better Living through Chemistry completed 25 days of filming on June 9, 2012, closed the production office on June 28, 2012 and submitted their final application for tax credit along with all of their closing documentation (including a Report on Agreed Upon Procedures by an independent CPA) on December 21, 2012. The materials were reviewed by Maryland Film Office (MFO) staff and a revised application for final certification was required in March 2013 to process the credit. The final tax credit certificate was issued on March 8, 2013. Better Living thru Chemistry received a tax credit of $691,189 and had an economic impact of over $6 million. The production hired 82 local technicians and 114 local actors/extras. In addition the production company provided business for 571 local Maryland businesses, vendors and contractors. Attached is a copy of the vendor list for Better Living through Chemistry. (Appendix B - Better Living Through Chemistry (BLTC) Vendor List). Page 2 of 4 2) Jamesy Boy completed 23 days of filming on April 3, 2012, closed the production office on April 20, 2012 and submitted their final application for tax credit along with all of their closing documentation (including a Report on Agreed Upon Procedures by an independent CPA) on October 11, 2012. The materials were reviewed by MFO staff and a revised documentation was required which was received in March 2013. The final tax credit certificate was issued on April 1, 2013. Jamesy Boy received a tax credit of $600,000 and had an economic impact of nearly $5.5 million. The production hired 99 local technicians and 189 local actors/extras. In addition the production company provided business for 338 local Maryland businesses, vendors and contractors. Attached is a copy of the vendor list for Jamesy Boy. (Appendix C – Jamesy Boy Vendor List). 3) Ping Pong Summer completed 28 days of filming on October 26, 2012, closed the production office on November 5, 2012, and submitted their final application for tax credit along with all of their closing documentation (including a Report on Agreed Upon Procedures by an independent CPA) on March 11, 2013. The materials were reviewed by MFO staff and a final tax credit certificate was issued on April 22, 2013. Ping Pong Summer received a tax credit of $231,250 and had an economic impact of over $2 million. The production hired 32 local technicians and 37 local actors/extras. In addition the production company provided business for 421 local Maryland businesses, vendors and contractors. The production filmed on location in Ocean City, MD and has been accepted to premiere in the 2014 Sundance Film Festival. Attached is a copy of the vendor list for Ping Pong Summer. (Appendix D – Ping Pong Summer Vendor List). 4) House of Cards - Season 1 completed 139 days of filming on November 5, 2012, closed the production office on December 31, 2012 and submitted their final application for tax credit along with all of their closing documentation (including a Report on Agreed Upon Procedures by an independent CPA) on April 11, 2013. The materials were reviewed by MFO staff and a final tax credit certificate was issued on July 12, 2013. House of Cards - Season 1 received a tax credit of $11,676,029 and had an economic impact of over $138 million. The production hired 381 local technicians and 1,817 local actors/extras. In addition the production company provided business for 1,814 local Maryland businesses, vendors and contractors. Attached is a copy of the vendor list for House of Cards - Season 1. (Appendix E – House of Cards - Season 1Vendor List). As of December 2013, two productions VEEP - Season 2 and House of Cards – Season 2 have both completed filming in the state. The Film Office expects to receive the final application for certification and all closing documentation for VEEP - Season 2 this month. Final application for certification and closing documentation for House of Cards – Season 2 is not expected to be submitted for several months. [Production companies have 180 days after the conclusion of the film activity in the State (i.e., closing the local production office) to submit ALL final documentation.] VEEP - Season 3 is currently filming in the State and is expected to finish production in spring of 2014. Further information regarding the Maryland Film Production Employment Act Tax Credit process can be found on the Maryland Film Office website at: http://www.marylandfilm.org/FilmProductionEmploymentAct.html Page 3 of 4 Appendix A - Film Tax Credit - Report 2013 APP A – Maryland Film Production Activity Tax Credit Recipients FY 2012 – FY 2013 Appendix B - Film Tax Credit - Report 2013 APP B – Better Living Through Chemistry Vendor List Appendix C - Film Tax Credit - Report 2013 APP C - Jamesy Boy Vendor List Appendix D - Film Tax Credit - Report 2013 APP D - Ping Pong Summer Vendor List Appendix E - Film Tax Credit - Report 2013 APP E - House of Cards - Season 1Vendor List Page 4 of 4 MARYLAND FILM PRODUCTION ACTIVITY TAX CREDIT RECIPIENTS (FY2012 - FY2016 ) CERT TYPE & PRODUCTION ECONOMIC NO.
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