On May 26, 2023, Maryland Governor Wes Moore signed a bill expanding the state's film production tax credit. The new law, S.B. 452, will make Maryland even more attractive to filmmakers by expanding eligibility for the credit and increasing the amount of the credit available.
Under the new law, the film production tax credit is now available for documentaries, talk, reality, and game shows. Previously, the credit was not available to unscripted productions. The credit is also refundable, up to 30% of production costs. This means that filmmakers can exchange the credit for a cash payout from the state once a tax return has been filed
The aggregate amount of tax credit certificates that the Secretary of Commerce may issue for fiscal years 2024 through 2026 has also been increased. For fiscal year 2024, the Secretary of Commerce may issue up to $50 million in tax credit certificates. For fiscal years 2025 and 2026, the Secretary of Commerce may issue up to $75 million in tax credit certificates.
In addition to expanding the eligibility for the film production tax credit and increasing the amount of the credit available, S.B. 452 also establishes the Maryland Entertainment Council. The Maryland Entertainment Council will study and make recommendations regarding Maryland's film, television, and entertainment industry.
The expansion of the film production tax credit is a positive development for Maryland's film industry. It is likely to attract more film production to the state, create new jobs, and boost the state's economy.
Read more from Maryland’s Governor here.
Give us a shout if you have any questions regarding unscripted, film, or commercial incentives.
And don't forget to visit our film tax incentive resource, our Production Incentive Center.
At Wrapbook, we pride ourselves on providing outstanding free resources to producers and their crews, but this post is for informational purposes only as of the date above. The content on our website is not intended to provide and should not be relied on for legal, accounting, or tax advice. You should consult with your own legal, accounting, or tax advisors to determine how this general information may apply to your specific circumstances.