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The 2023 child tax credit (taxes filed in 2024) is worth up to $2,000 per qualifying dependent under the age of 17. The credit amount decreases if your modified adjusted gross income exceeds $400,000 (married filing jointly) or $200,000 (all other filers).
HIGH WAGE JOBS TAX CREDIT (HWJTC) Companies located in communities with a population less than 60,000 are eligible for the same tax credit for each net new job paying a net taxable wage of at least $40,000. The credit is capped at $12,750 per job per year. The credit is set to sunset on June 30, 2026.
The above-the-line credit cap for New Mexico Film Partners, including Netflix, NBCUniversal, and 828 Productions, has also been increased from $5 million to $15 million per production. The legislation further introduces a maximum total credit cap of $40 million per fiscal year.
Mexico has launched a US $20 million tax-incentive program in a move to lure film production activities. Managed by the State-run film financing agency Imcine and Mexican trade and investment body ProMexico, the program offers tax rebates of 7.5 percent on film productions that exceed the amount of US $5.5 million.
1. Georgia: Georgia has emerged as one of the leading states for film production due to its generous tax incentives. Known as the ?Camera Ready? state, Georgia offers a flat 20% transferable tax credit for qualified production expenditures.
A television series that relocated to California in its first year of production is eligible to receive a credit of 25% of qualified expenditures. Independent films with a minimum budget of $1 million are eligible for 25% of all qualified expenditures.
The Job Training Incentive Program (JTIP) funds classroom and on-the-job training for newly-created jobs in expanding or relocating businesses for up to 6 months. The program reimburses 50-90% of employee wages.
Movie production incentives are tax incentives offered on a state-by-state basis throughout the United States to encourage in-state film production. Since the 1990s, states have offered increasingly competitive incentives to lure productions away from other states.