Connecticut’s aggressive tax incentive program for digital media and motion picture work, which allows qualifying companies to take advantage of a 30 percent credit on their Connecticut corporate income taxes or sell the benefit to other companies in the state, has generated a surge of interest in movie production in Connecticut.
From the beginning, Kostin’s Digital Media & Motion Picture Group has been working closely with the state’s Film Commission regarding the regulations related to the new film tax credit. No other firm has as extensive of an understanding of the credit, and how to benefit from it.
Our industry leading understanding of media and motion picture production has helped us identify additional opportunities for our clients, and capture additional qualifying costs that may have been overlooked. Demand is only expected to increase, as the amount of pending requests for credit has increased from below $1 million in the two years before the credit became available to $135 million in audits that are currently in process.
Kostin consults regularly with the Film Commission on the tax credit program, and works with production companies nationwide to explore ways to realize the benefits available. Our involvement encompasses small stand-alone projects through large, recurring projects.
Our work includes pre-production planning, eligibility applications, working with loan out companies, conducting final cost audits and the sale of the credit itself. In addition to Connecticut, we also have consulted on tax credits in Massachusetts and Rhode Island. We also provide traditional financial reporting and tax services to our media clients.
We look forward to hearing from you. For more information about this or any other services we offer, please contact John Lanza, CPA at or Matthew Nick at or by calling (800) 286-5726.