The State of New York currently offers fully-refundable tax credits to qualified production companies shooting commercials within the state, providing 5% on qualified expenditures and 20% on any incremental increase in qualified costs from one year to the next. How commercial producers can qualify, access, and maximize these credits is the focus of a free panel discussion being held at the Showbiz Store and Café in New York on September 29.
Titled “Turning Soft Money Into Gold,” the panel discussion will also review how commercial producers can maximize incentives in other states as well as the essentials they need to know to add value to their productions, including:
· Factors affecting eligibility and funding
· Understanding and complying with “Qualified” compensation and expenditure requirements
· Monetizing tax incentives (transferring, brokering and cash flowing incentives)
· Tracking costs: the importance of accounting and recordkeeping
· Rebates, subsidies, grants, transferable tax credits
· Selling or transferring tax credits to get your money –what’s left after fees and commissions
· Audit and compliance issues
· Tax, accounting and payroll issues
· Applying for these credits, budgets requested and audits after completion
· Working with brokers
· Practical tips, pitfalls and traps for the unwary in using state tax incentives
Experts participating on the panel are senior executives from Tax Credits LLC, one of the country’s top tax credit placement specialists, and Media Services, a leading entertainment industry accounting and payroll management company. In addition, panelists include Connie McFeeley, senior project manager for tax incentive programs, New York State Governor’s Office For Motion Picture And Television Development; John C. Genz, partner in the tax department of Amper, Politziner & Mattia, LLP; and Mitch Held, a New York-based commercial production accountant.
~~What: Turning Soft Money Into Gold: A Panel Discussion On Tax Incentives For Commercial Productions
~~When: Wednesday, September 29, 2010, 6:30PM-9:00PM
~~Where: Showbiz Store & Café, 19 W. 21st Street , Ground Level, New York, NY 10010-6942
Commercial producers can attend this free educational event, offered as part of Media Services’ 2010 Business of Entertainment Symposium Series, by registering online at www.nycincentivespanel.eventbrite.com. Space is limited.
“Supporting the Business of Entertainment Symposium is an important way to demonstrate our commitment as a valuable resource to the commercial production community,” says Steve Bizenov, vice president of Media Services.
The Business of Entertainment Symposium Series is composed of informational and networking events where producers can stay informed on the latest trends affecting the business behind entertainment and stay connected with the key people who help make the business happen.
About Media Services
Media Services is one of the entertainment industry’s leading accounting, payroll, crew booking, and software companies with offices in Boston, New York and Los Angeles. Established in 1978, the company has been serving feature, television, commercial, corporate and Internet productions worldwide as well as music video and residual clients for more than 30 years.
Media Services is committed to driving the industry through constant innovation by offering best-in-class software solutions through its product division, Showbiz Software. In addition to its proprietary production accounting, payroll, budgeting, scheduling and time management software, the company offers a wide range of other entertainment industry software, books, tapes, and supplies through its Showbiz Store & Cafe in West Los Angeles and New York as well as its online store at www.showbizsoftware.com.