Don’t let Rhode Isalnd’s small size fool you. The state offers a big film tax incentive to attract movie and TV productions to the state. The Rhode Island film tax incentive, (“The Motion Picture Production Tax Credit”) is a 25% transferable tax credit for qualified state and out-of-state cast and crew working in Rhode Island. A total of $15 million in film tax credits is available per year.
Rhode Island Film Tax Incentives and Information
|Type of Incentive||Tax credit; non-refundable; transferable; 3 year carry forward|
|Benefit Details||25% of qualified spend in state; 51% of principal photography days must take place in state or 51% of the production budget must be incurred in state and employs 5 or more individuals during production.|
|Project Cap||$5,000,000, project cap may be waived for a feature length film.|
|Minimum Local Spend||$100,000|
|Loan-Out Company Considerations||None|
|Qualified Production Expenditures||Incurred in State; In-State Vendors; Fringes Paid for Qualified Labor. Contact us for more details.|
|Qualified Labor||Resident and Nonresident; Above the Line and Below the Line. Contact us for more details.|
|Sunset Date||June 30, 2019|
|Film Commission||Rhode Island Film and Television Office
One Capitol Hill
Providence, RI 02908Steven Feinberg, Executive Director
The Rhode Island Film Tax Incentive Program
Because the motion picture entity must be incorporated or domiciled in Rhode Island, the accounting process required to receive the maximum benefit from the RI film tax incentive program can be challenging to those who may be unfamiliar with the state’s tax credits. At KPM Film Credit Advisors, we can help you choose between Rhode Island or other New England states and help match your film or TV production to the right state tax incentive program. Call us today at (781) 849-5357 and we can help you decided which location provide the best film tax credits for you.
NOTE: This content has been prepared by Kevin P. Martin & Associates, P.C. for informational purposes only and should not be construed as tax advice or relied on for specific projects. Though every effort has been made to remain current, laws and incentives change and, therefore, this information may have been revised. Please contact us to confirm any laws or the effect of incentives on your project.