Global Incentives offers complete handling of all US, Canadian, UK, Australian and New Zealand film incentives, from preliminary applications and registration to receipt of the actual tax credit or rebate. Global Incentives can manage the application process for all rebates, grants, and refundable and transferable tax credits. Global Incentives has administered over 400 Canadian tax credits since 1997 and over 150 US incentives since 2005 for both Canadian and US banks. That includes more than 100 projects in Ontario and BC since 2005, and more than 50 productions in New York, more than 20 in New Mexico, and more than 25 in Louisiana. In total, Global Incentives has administered over $900M in tax credits.
Global Incentives works with lenders to identify and mitigate the risks involved in lending against tax credits. We issue opinion letters that estimate the amount of tax incentive to be received; lenders use our estimate to monetize the tax credit for the producer. Global Incentives has worked with lenders including Comerica Bank, Union Bank, JP Morgan Chase, Bank of America, Bank Leumi, National Bank of Canada, East West Bank, OneWest Bank and City National Bank.
Global Incentives oversees all aspects of the process to apply for and receive production incentives, including:
- reviewing the budget and production documentation to ensure that the production complies with the regulations;
- preparing an initial estimate of the tax credit or rebate based on a breakdown of the final locked budget and issuing an opinion letter for a lender;
- advising the production accountant on the proper coding system to record eligible expenditures;
- preparing and filing applications for preliminary certification or registration;
- monitoring costs throughout production to ensure maximum tax credit refunds and to identify any variances in the projected tax credit;
- liaising with production staff to ensure that the necessary documentation is being collected (eg. residency declarations) and obtaining all supporting documentation from production before the production office wraps;
- reviewing the final cost report and general ledger and making necessary coding changes in the accounting database;
- preparing and filing the final applications for accreditation;
- preparing documentation for and working with a local CA or CPA firm to complete an audited statement of production costs if required;
- assisting in the preparation of tax returns for the production entity (in the case of a refundable credit);
- responding to all government inquiries throughout the audit and/or final review process; and
- closely tracking the progress of the government audit to ensure it is completed as quickly as possible.