As you prepare to file your Louisiana income tax return, consider that the Celtic Media Centre can help you to reduce your state tax liability through the purchase of motion picture tax credits. Purchasing film tax credits is the simplest and most cost effective way to reduce your state tax liability.
Since 2002, production companies that have spent money in the state and motion picture infrastructure projects that have been built in the state have earned tax credits that can be used to reduce Louisiana income tax liability. Because motion picture credits are totally transferable, projects that have virtually no liability or excess liability in Louisiana can sell their credits at a discount to Louisiana businesses, individuals, and estates that need them. For this reason, production companies consider motion picture tax credits incentives for shooting in Louisiana.
Here are a few key points about tax credits for you to remember:
· Motion Picture Tax Credits can be Used Dollar-for-Dollar Against Louisiana Income Tax Liability
· Credits can be Used by All Entities Taxed as Corporations for Louisiana Income Tax Purposes as well Individuals, Estates, and Trusts
· Motion Picture Tax Credits May Be Carried Forward for up to Ten Years –2009 credits can be used against 2019 liability
· The Celtic Media Centre Helps You Buy from the Productions Directly
· Buying Tax Credits Direct from the Source Saves You Unnecessary and Costly Brokerage Fees
· Buying Tax Credits Helps to Grow Louisiana's Emerging Film Industry
· You Save 10% off What You Owe the State of Louisiana
The Celtic Media Centre is a direct pipeline to productions with millions in tax credits for sale. We are the source for tax credits, and we are the only design-built studio facility currently in operation in the state. We recently hosted “Battle: Los Angeles," a large-budget production that could generate upwards of $20 million in Louisiana motion picture tax credits. By finding direct buyers for film tax credits Celtic Media Centre saves the buyer hidden brokerage fees. This ultimately makes our facility, Baton Rouge, and Louisiana more marketable to film productions that will spend millions within our local economy.
The Celtic Media Centre has motion picture production credits in hand for immediate sale. Celtic has been authorized by a major studio to market up to $10.5 Million of their available credits for sale at $.90 on the dollar.
Below is brief explanation of the tax credit process:
· During or after the production or infrastructure project spends money in the state, a CPA audits the expenditures and issues an audited expenditures report to the project
· The project submits the audited expenditures report to LED (Louisiana Economic Development) or LED/LDR (LDR =Department of Revenue) for certification
· The State issues a letter to the project, which states that the credits have been certified and waives any right of recapture of the credits for any reason from the end purchaser
· When the credits are sold to an end purchaser, a sales agreement is issued with the pre-certification and credit certification letters attached. The letter lists total amount of credits available, how many are sold/transferred in the transaction, and the remaining balance available for further sale/transfer
· The selling project issues a notification to LED and LDR (Louisiana Department of Revenue) that the credits have been transferred to the end purchaser. We usually mail it, but that letter can be physically taken to LDR to have "stamped," so there is absolute certainty that the credits have been approved
· The purchaser should check with their CPA to confirm that credits purchased early to apply toward tax liability may reduce the purchaser's quarterly tax payments accordingly to account for the purchase of credits
· The end user of the credits simply attaches the tax credit certification and purchase documents to their tax return and takes the tax credit deduction on a particular line of the state income tax form
Purchasing tax credits supports the local film industry, boosts the local economy, and is an easy, state-guaranteed way to keep more money in your pocket or your company's treasury. We welcome the opportunity to give you a tour of our 23-acre campus at the Celtic Media Centre.
For more information or to schedule a meeting, please call or email.
DIRECT: 225.330.6002 or TOLL FREE: 877.752.2359. Email info@celtictaxcredits.com
