EarthArtist crafted and promoted the passage of the S.C. Motion Picture Industry Incentive Act, which has been emulated by 40 states. There are also a number of benefits to the state that can be viewed here.
The Act entitles:
- Investors to a 20% tax credits for investing in film projects, an equity fund for producing a slate of film projects or for investing in a company that constructs or converts or equips a qualified soundstage complex and/or post-production labs;
- Producer to a rebate of 25% for below-the-line production costs- wages and supplies;
- Producers an exemption from sales tax on goods and services;
- Investors in soundstages or technology or each post-lab for up to $5 million in tax credits.
- Producers to shoot free on state property, such as nearby Devil’s Fork State Park, 45,000 acres surrounding pristine Lake Jocassee. Blue Ridge Mountain resorts and Asheville (settings for Last of the Mohicans, The Fugitive and Deliverance) are nearby.
Application of Existing Incentives
EAMS development qualifies for support from city, regional and state leaders, who value our industry’s capacity to economically and culturally benefit their constituency. The Company has engaged The Harvest Group to maximize the value of existing economic development incentives to minimize our infrastructure and human resource development costs, awarded along similarly favorable terms as other recruited industries.
Federal Section 181
Extended by TARP until the end of 2012, Section 181 is a deduction for film and television production. A producer or investor may deduct up to $15 million (economically distressed areas qualify for $20 million) of production costs in the same year, rather than depreciating the costs over time. At least 75% of these costs must be paid for services performed in the U.S.