State officials hope a new film and media tax credit will spark growth in Indiana’s creative sector.
The credit is aimed at television, film, music and digital media productions, the state said. The goal is to build a robust, competitive and sustainable media industry and infrastructure in Indiana while attracting new investment and tourism.
“Creativity is an essential ingredient to the vibrancy of any community, and this new tool will encourage artists to do their work here in the Hoosier state,” said Indiana Secretary of Commerce Brad Chambers. “By attracting media companies and their service businesses to Indiana, and by extension, continuing to diversify Indiana’s economic portfolio, it is my hope that we are enabling more of our talented young people to pursue careers that align with their passion, without having to leave home.”
Applications are open and will be accepted through Oct. 31. The Film and Media Tax Credit will provide an incentive to members of the creative economy to film or record qualified media productions in Indiana, encouraging student, amateur and professional crews to leverage the state’s urban, rural and natural assets.
“I’ve been advocating for an incentive like this for many years,” said Angelo Pizzo, writer and director of ‘Hoosiers.’ “Not only does this incentive make Indiana a competitive spot for media production, but it will go a long way in encouraging our talented graduates to stay within the state.”
The incentive offers an income tax credit of up to 30% to help offset certain production expenses including:
- Up to 20% for qualified production expenses, including expenses for acquisitions, filming and sound, labor and story rights;
- Up to 5% for using Indiana-based workforce during, pre- and post-production;
- A total of 20% of the overall workforce must be from Indiana to qualify, including student and intern staff
- Up to 5% for adding an IEDC-approved Indiana brand to the qualified production’s credits.
A full list of qualified expenditures will be available on the IEDC website. Additionally, production crews and talent with Indiana accommodation stays of 30 consecutive days or more may be exempt from the County Innkeeper’s Tax, further incentivizing Indiana as a production destination.
Qualified applicants are persons, corporations, limited liability partnerships, limited liability companies, or other entities engaged in making a qualified media production in Indiana.
- Holy Cross College at Notre Dame introduces new president - August 12, 2022
- Survey finds inflation among top concerns for small business owners - August 12, 2022
- Genesis Products Inc. acquires division of Native Hardwoods - August 11, 2022
Leave a Reply
You must be logged in to post a comment.