In December of 2008 the Illinois General Assembly passed the Illinois Film Production Tax Credit Act, which offers producers a credit of 30% of all qualified expenditures, including post-production. The Illinois Film Tax Credit will not sunset until May 2021, and is renewable in 5-year increments, thereafter. The goal of the Tax Credit Act is to attract local vendors, union leaders and filmmakers to the Illinois film industry in order to promote growth and job opportunities. In addition, the tax credit aims to stimulate diversity in production hiring.
Tax Credit Benefits
- 30% of the qualified Illinois Production Spending.
- 30% credit on Illinois salaries up to $100,000 per worker.
- Tax credit can be carried forward 5 years from when originally issued by IFO.
- The Illinois Film Tax Credit will not sunset until May 2021, and is renewable in 5-year increments, thereafter.
- Applicants will receive an additional 15% tax credit on salaries of individuals (making at least $1,000 in total wages) that live in an economically disadvantaged area (at least 13.8% unemployment).