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I was meaning to build more Simple Fixes. I have posted some here already. Imagine how fast and far we could travel, if we all just generated a Simple Fix a month. Or even a year. Our progress would be astounding.
Here our filmmaker world people generally desire first and foremost to get funding for their film. You’d think there would be a single place you could turn to and find all the sources gathered or at least many of them. I don’t know of such a place.
So I built one. [...]
By Colin Brown
For 15 months now the independent film world has been eagerly awaiting the regulatory fine print on the JOBS Act that many believe will both broaden and quicken their fundraising efforts across the U.S. Now that the SEC has finally published those first rules that allow filmmakers and film startups to advertise their investment proposals to the public, some will have been intrigued by a new amendment that specifically disqualifies bad actors.
Before film critics all rise up in celebration, let’s be clear that America’s financial watchdog is not about to outlaw scenery-chewers, hams, stilted amateurs and all those glorious Raspberry Award winners from being pitched to millionaires. There would be too little film industry left to regulate. But the “bad actors” referred to here will be just as familiar to anyone who has done enough time in the film market trenches: financial miscreants. [...]
Why does this matter? Zak Forsman tweeted it nicely: ” if tax payer is in 35% tax bracket and the film’s shot in a state with a 42% credit, investor’s eligible to get 77% of her investment back.”
To go a tad deeper, Zak Forsman posted it well:
Minutes ago, I received this email from my friend and fellow filmmaker, Justin Evans.
Dear Film Professionals -
Section 181 has finally been renewed! The new Tax Bill was signed into law by President Obama earlier today. The tax law includes Section 744, which includes language that replaces IRS Section 181′s expiration date of December 31, 2009 with December 31, 2011.
Here is what this means:
- Any money spent on qualifying domestic film production* in 2010 now qualifies for the Section 181 tax write-off.
- Any money spent on qualifying domestic film production* in 2011 will also qualify for the Section 181 tax write-off.
- There is no gap in Section 181 protection…which means all the fear and worry that someone might have begun a project in 2009, somehow didn’t get the financing in place and investors invested in early 2010 can now breath a sigh of relief.
Read all of what Zak has to say about it here. Thanks Zak!