October 22, 2019

October 22, 2019

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October 21, 2019

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Illinois Lifts Deferral of New Film Tax Credit Applications

On Nov. 10, Illinois Governor Bruce Rauner announced the lifting of the "deferral" of new film tax credit applications. In a pro-jobs move, Governor Rauner took the film tax credit out of the current budget crisis. This will allow prior applications to be approved by the film office. Also, new applications will be processed on a timely basis.

The Illinois film tax credit is competitive offering 30 percent on qualified expenditures in the state, including 30 percent on Illinois salaries up to $100,000. Qualified expenditures include production and post production. There is a 15 percent uplift for salaries for individuals that live in an economically disadvantaged area. This is good news for the film industry, which was caught in the political quagmire despite cross-party support for the program.

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About this Author

Stephen G. Weizenecker tax lawyer Barnes Thornburg
Partner

Entertainment lawyer Steve Weizenecker serves as counsel on tax incentives and financing for film, television and videogame clients. He has also has worked with numerous jurisdictions on developing or improving their economic incentives for the entertainment industry. Personable and patient, Steve takes the time to listen to what each client needs, understand their concerns and incorporate their goals into each step he takes.

Clients and colleagues alike know that they can rely on Steve to serve as a resource for information when helping them to take advantage of production...

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