Massachusetts recapture problem solved
Tax Credits LLC is very proud to report that we’ve just won the war in Massachusetts on the recapture issue which now opens one of the largest, if not the largest buying capacity states in the country to support one of the top film credits in the nation. In addition, we are awaiting the Governor's signature on the new legislation led by Nick Paleologos the new film commissioner which raises the film credit to 25% across the board, removes the prior cap of $7 mil to now unlimited and reduces the minimum spend to $50k. It is also our understanding that the old teamster issues have been addressed and solved with the new leadership under Shaun O'Brian. Please see Nick's announcement below.
Massachusetts Department of Revenue has confirmed today that transferees will not be held liable for any problems with certified film tax credits where the original transferor had the expenditures verified by an independent CPA.
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