809
edits
Changes
MyWikiBiz, Author Your Legacy — Friday May 03, 2024
Jump to navigationJump to search→Why Isn’t Everyone Doing This?
As we will show, up to a 58% return on the investment can be obtained depending on the federal tax bracket. The obvious question is why aren’t all wealthy individuals and corporations utilizing this?
As we will show, up to a 58% return on the investment can be obtained depending on the federal tax bracket. The obvious question is why aren’t all wealthy individuals and corporations utilizing this?
First, the Film Production Services Tax Credit Act of 2008 became law only recently. Many wealthy individuals and firms are simply not aware of it. Many accounting firms are not aware of it.
Other than that, the primary answer lies in the Illinois income tax rate. As will be seen in the examples provided later, a funding entity or individual must have a large Illinois tax liability to be able to take advantage of the Illinois Film Production Services Tax Credit Act of 2008. The previous 3% tax rate did not create a sufficiently large tax liability. The 67% increase to a 5% tax rate now makes many more entities and individuals able to take advantage of that state law. Corporations and partners in accounting firms are now beginning to see the advantage of the concept we are proposing.
The mode of funding proposed has been underutilized for other reasons. First, it suffers from the belief that investment in motion pictures is extremely risky. While this is true, the mode proposed here DOES NOT depend on <i>Never Split Tens</i> earning a profit.
The mode of funding proposed has been underutilized for other reasons. First, it suffers from the belief that investment in motion pictures is extremely risky. While this is true, the mode proposed here DOES NOT depend on <i>Never Split Tens</i> earning a profit.
