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Recapture Problem Solved in Massachusetts

BOSTON Tuesday, June 12, 2007

Nick Paleologos, Executive Director of the Massachusetts Film Office, reported yesterday that the Massachusetts Department of Revenue has confirmed 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. This news 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, imminent is the passage of the new legislation which raises the film credit to 25% across the board, removes the prior cap of $7 million to now unlimited, and reduces the eligibility threshold to $50k.