Massachusetts Film Tax Credit - Springfield, Massachusetts
The Massachusetts Film Tax Credit is a new credit which makes the Commonwealth one of the most favorable states in the country in which to produce film projects. As such a great deal of work has been done in Massachusetts recently because of the cost effectiveness - and Springfield offers filmmakers even more cost savings compared to several other parts of the state. For example, the average hotel rate is around 40% less in Springfield than in Boston. Similarly, catering, labor, and public services are also cheaper in Springfield than in several areas of Eastern Massachusetts.
Springfield has many historic and scenic neighborhoods as well as recognizable and unique buildings such as the Basketball Hall of Fame, City Hall, Symphony Hall, Court Square, the MassMutual Center and the Historic Springfield Armory. Springfield is the closest city in Massachusetts to New York City and is near the beatiful Berkshire Region in Massachusetts. With all of these advantages Springfield is an ideal place for film makers to use tax credits in order to make a world-class movie in a world-class city.
mafilm.org provides the following on the Massachusetts Film Tax Credit:
Because under our new law, studios, major producers and filmmakers-who either shoot at least half of their movie or spend at least half of their production budget in the Commonwealth- are eligible for a tax credit equal to 25 percent of their total spending in Massachusetts, inclusive of any salaries over $1 million. No caps. No limits. No pre-authorization. No pre-certification. No lines. No waiting. No muss. No fuss.
That’s not all. Beginning with the start of pre-production and continuing for a period of 12 months, filmmakers will be eligible for 100% sales tax exemption on any production relates items purchased in the state.
Massachusetts is also the only state in the country that allows filmmakers to take their credits either as a direct rebate at 90% of the face value (guaranteed), or to sell them at market rate—whichever is more favorable.
And finally, this credit is not just for big Hollywood moguls. With the spending threshold lowered to $50,000 and with “digital media projects” now eligible, Massachusetts has now extended the benefits of the film tax credit to thousands of locally based, small independent and documentary filmmakers — key elements of our Creative Economy.
An article about the Tax Credit can be downloaded here
Scouting Springfield? Some of our most popular sites are photographed here.
For more information, contact Brian Connors at email@example.com or at 413-787-6020