Qualifed South Carolina Motion Picture Project
A person who invest cash in a company that develops or produces a qualifed motion picture project may claim an
income tax credit of 20% of the cash invested. The credits limited to $100,000. All cash invested must have been spent
for services performed in South Carolina, for tangible personal property dedicated to first use in South Carolina and/or for real property located in South Carolina. A taxpayer may claim no more than one credit in connection with the production of a single qualifed South Carolina motion picture project. The credits allowed over more than one taxable year, but the toal credit in all years is limited to $100,000 per project.
A "motion picture project" is a product intended for commercial exploitation that incurs at least $250,000 of cost directly in this State to produce a master negative motion picture, whether film, tape, or other medium, for theatrical or televison exhibition in the United Staes and in which at least 20% of total filming days of principal photography, but not fewer than 10 filming days, is filmed in this State. Upon the recommendation of the South Carolina Film Commission, and if appropriate, the Coordinating Council for Economic Development shall certify the motion picture project as a project eligible for purposes of this article.
A "qualifed South Carolina motion picture project" is a motion picture project which has registered by submitting its record of allocation of credits and documentaion to the Department of Revenue. Before registration, all documentation of a motion picture project required to meet the credit requirements, must be received by the Department of Commerce.
South Carolina Motion Picture Production or Post-production Facility
A person who invests in a company that constructs, converts and/or equips a motion picture production or post-production facility may claim a credit of 20% of the amount invested. The total investment in South Carolina must be at least $2,000,000, not including land cost, in the case of a production facility and $1,000,000 in the case of a post-production facilty.
The amount invested includes cash and the fair market value of real property with any improvements theron. Cash
invested must have been spent for services performed in South Carolina, tangible personal property dedicated to first use in this South Carolina, or for real property located in this South Carolina. Real property invested must be real property located in South Carolina on which faciltes are located. Real property invested includes the fair market value of any lease of real property with a term in excess of 36 months minus the fair market value of any consideration paid for the lease.