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HOW HAROLD HILL CLAIMS HIS IOWA FILM CREDITS
August 22, 2007
The Iowa Department of Revenue has proposed rules for the film industry tax breaks enacted this spring. There are two main sets of breaks -- an exclusion from income for taxpayers who provide goods and services for filmmakers, and a tax credit for 25% of the filmmakers costs. The credit can be sold, so the credit functions as a cash subsidy for filmmakers.
The credit will be claimed by submitting a new Iowa "Form Z" listing the film expenses to the Iowa Film Office. The production company can then sell the 25% credit at a discount to cover its own costs.
No other industry gets such a double-barreled break. So next time you write a check to Iowa to pay taxes so Tom Arnold doesn't have to, remember: out-of-state filmmakers are more important to the Legislature and the Governor than you are.
The proposed rules are here; scroll about halfway down or search "film" on your browser.
Link: Complete Tax Update Film Credit Coverage.
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