When is the best time to contact CSG?
Once you ‘ve decided to produce in Georgia, we can assist you with the proper upfront legal and administrative documents in order for you to obtain the highest amount of credits and to avoid future problems.
Where can I find all the rules?
Call us or go to the state website to read more.
When do I receive my credits?
As soon as you finish production you can file your return and IT-FC to receive the credits.
Can I sell the credits? To Anyone? When can I monetize the credits?
Production companies can sell the credits to individuals or companies that have a Georgia state tax credit need for the year that is designated to the credit. Georgia’s Entertainment tax credits have a one-time transferability restriction. Credits can only be transferred once but can be to one or more buyers. The credits can be sold as soon as your tax returns are submitted. CSG has buyers and will handle the process.
What do I need to do to sell the credits?
Our team will assist in the transfer of the credits. Legal closing documents are necessary.
What is the going price for credits?
The market is fluid and the pricing of credits change throughout the year depending on supply and demand. CSG works with you to determine your objectives, i.e. highest price, fastest sale, least number of buyers, etc.
Why do I need a broker or Churchill Stateside Group?
CSG has the experience in working with Production Companies who wish to sell their credits. Our team is close to the Department of Economic Development and Department of Revenue and can answer questions and guide productions through the tax credit process. We provide Production Companies and individuals with the tools to minimize audit risk. We handle this process so you can be successful at producing.
Once I sell the credits do I have any liability?
As with any tax return, the appropriate tax authority has a period of time provided under the applicable statute of limitations of the jurisdiction in which to examine returns. The normal statute of limitations should apply in the case of the Company. Any Department of Revenue audit triggered by a production company’s use or transfer of the film tax credit will require the production company to reimburse the Department of Revenue for all cost associated with the audit.
Is the income from the sold credits taxable?
How long is the process to sell the credits?
It depends on your objectives and how many credits you’ll have. Once we have all the supporting documents the process moves very quickly.
For more information, please contact:
Joseph Switzer (404) 497-8894 jswitzer@CSGfirst.com