Plante & Moran Provides Consulting and Tax Services to Movie Producers Seeking Michigan Tax Incentives
SOUTHFIELD, Michigan — In response to the State of Michigan’s Film Incentive Public Acts of 2008, Plante & Moran, PLLC, the nations 12th largest accounting and management consulting firm, has assembled a specialized team of professionals that can support movie producers with services including application process assistance, cost certification, and rebate/tax credits claims.
“As with most tax incentives, the processes from application to filing claims are complicated. To help simplify the process, Plante & Moran can provide movie producers with a complete, cradle-to-grave solution - from applying for the credit or rebate to claiming the credit on a return.” said Eric Wydra, a leader of Plante & Moran’s specialty tax team and active member of the Screen Actors Guild (SAG). “The tax incentive package for filmmakers includes 15 sections, and Plante Moran tax specialists are acquainted with the requirements and benefits of each section. The law focuses on tax credits, but if a production company receives more credits than taxes owed, it can apply for a rebate check,” added Wydra.
Tax credit applications must include estimated Michigan expenditures, Michigan production days, Michigan hires, and more. Credits cover Michigan expenditures including labor and crew expenses. There are also infrastructure tax-saving opportunities and a nontransferable, nonrefundable workforce development tax credit for hiring and training current Michigan crew members to a higher level.
The Michigan Film Office emphasizes that producers who want to take advantage of the Michigan tax incentives have to have an agreement approved and signed by the film office and the Michigan Department of Treasury before incurring any eligible production expenses.