The Oklahoma Film Enhancement Rebate Program offers a rebate of up to 37% on Oklahoma expenditures to qualifying companies filming in the state.
The highlights of the credit include:
• 35% Base Rebate on Oklahoma expenditures to qualifying companies filming within Oklahoma
• 37% Rebate (if production company spends a minimum of $20,000 for the use of music created by an Oklahoma resident that is recorded in Oklahoma or for the cost of recording songs or music in Oklahoma for the production)
• This rebate applies to film, television and commercial productions
• Production must have a minimum budget of $50,000
• Production company must spend at least $25,000 in Oklahoma on the production
• The program is currently capped at Five Million Dollars ($5,000,000) per fiscal year (July 1, June 30).
DP FINANCIAL & TAX INC.
Scott Long, CPA with DP Financial & Tax is one of the few CPA's in Oklahoma approved to conduct third party agreed-upon procedure engagements for production companies looking to qualify for the Oklahoma Film Enhancement Rebate.
To help production companies navigate the incentive program requirements, DP Financial & Tax offers the following services:
• Consulting with budget executives and producers on the film production incentive program requirements
• Consulting with production and post-production accountants
• Providing the required independent CPA report
• Loan-out company consulting to assist with registration and withholding requirements
• Timely turn-around to accelerate the receipt of your rebate
• Consult with the production company's legal counsel, investors and lenders
• Consulting on revenue recognition issues
• Federal tax incentive consulting (Internal Revenue Code Section 181)
• Payroll tax/fringe consulting
• Income tax return compliance services
• Personal and corporate financial planning
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