Tax Credits - Illinois

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30% of the Illinois Production Spending for the taxable year.
30% credit on Illinois salaries up to $100,000 per worker.
Tax credit can be carried forward 5 years from when originally issued by IFO.
The yearly sunset provision has been removed so the IL Film Services Tax Credit does not expire.
Rules/Requirements
The tax credit must directly contribute to Illinois Production Spending.
Illinois Production Spending includes tangible, personal property and services purchased from Illinois vendors and compensation paid to Illinois resident employees.
Illinois vendors qualify as businesses that have Illinois addresses.
An Illinois resident qualifies as someone who has a valid Illinois state ID or drivers license, issued prior to commencement of production.
An additional 15% tax credit will be issued if an employee's Illinois ID or drivers license indicates an address in an economically impoverished area.
Compensation maximum is $100,000 for each Illinois resident employee.
Applicants must submit a Diversity Plan.
Must spend at least $50,000 in Illinois Production Spending for a project 29 minutes or under.
Must spend at least $100,000 in Illinois Production Spending for a project 30 minutes or over.
Receipts and financial materials must be processed by a certified public accountant.
Remember to exclude the tax credit from your film budget.
Check QuickFilmBudget.com for a sample film budget.