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The "purchase" of Illinois Film Tax Credits to be used against Illinois Income Tax. (applies to personal or corporate) |
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The credits are authorized under the Film Production Services Tax Credit Act and are usable against the Illinois Income Tax (at the individual or corporate taxpayer level). They have been, or are in the process of being generated by film production companies as a result of filming activities here in Illinois. |
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New legislation has enabled simple purchase structures. In addition to a direct purchase, a partnership or S-corporation can purchase the credit for distribution to its owners in accordance with Sections 702, 704 and Subchapter S of the Internal Revenue Code. |
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The credits available for sale have been, or are the process of being certified by the Illinois Department of Economic Opportunity (“DCEO”). These credits will have already been subject to audit by the same Department. The Department of Revenue (“ILDOR”) will rely upon the DCEO certification and will issue Private Letter Rulings if needed to verify the viability of the credit and sales transaction. |
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The pricing of the credits varies significantly based upon the size of the credit, the experience of the buyer and seller, as well as a number of other factors. Please contact us at the Chicago office listed below for a list of available credits and asking prices. |
NexGen offers a unique tax credit syndication opportunity to its clients. With the passage and extension of the Film Production Services Tax Credit Act, Illinois has committed to the support of the Illinois film industry. NexGen has partnered with the Illinois Film Office, film producers, and their representatives to bring this opportunity to you.