Thursday, December 14, 2017

Film tax credit: public hearing on regulation

The Rhode Island Division of Taxation plans to hold a public hearing on January 3, 2018, on proposed changes to its regulation involving the motion picture production tax credit (also known as the film tax credit).

Among other things, the Division would:

  • add a requirement that costs be arms-length transactions to qualify as costs for purposes of the credit;
  • delete video games from the definition of a motion picture;
  • adjust the language involving the sunset provision; and
  • change the regulation's format so that it complies with the Rhode Island Code of Regulations, a uniform state code.

The proposed regulation is being jointly promulgated by the Rhode Island Division of Taxation and the Rhode Island Film and Television Office. For more information on the regulation and the public hearing, click here.