Certified Visual Media Production Credit: Certified Visual Media Production Credit (2024)
Maine · Maine Revenue Services · Used for tax years 2024
This worksheet calculates Maine's 2024 Certified Visual Media Production Credit using total production expenses and eligible nonwage production expenses. The credit equals 5% of eligible nonwage expenses, is nonrefundable, and cannot be carried back or forward to other tax years.
Who files this form
Use this worksheet to claim the Maine Certified Visual Media Production Credit for tax year 2024.
- The credit is for certain expenses incurred by a certified visual media production company. The company must have incurred at least $75,000 in total qualifying visual media production expenses.
- Claim the credit only for the tax year in which the production is completed.
- Owners of eligible pass-through entities, including partnerships, LLCs, S corporations, and trusts, may claim a credit in proportion to their ownership interests.
- Businesses claiming the Pine Tree Development Zone income tax credit are not eligible.
What you'll need
To complete and submit the worksheet, have:
- A copy of the visual media production certificate issued by the Department of Economic and Community Development. You must enclose it.
- Your taxpayer name, EIN or SSN, and the date the production was completed.
- The total qualifying visual media production expenses incurred in Maine and the nonwage portion of those expenses.
- If claiming through a pass-through entity, its name, EIN or SSN, your ownership percentage for the tax year, and a copy of the federal Schedule K-1 it issued to you. Attach the Schedule K-1.
Maine Revenue Services may request additional information supporting the credit before processing the return.
How to file
- Enter your identifying information and the production completion date.
- On line 1, enter total qualifying visual media production expenses incurred in Maine. If the amount is less than $75,000, stop. You do not qualify.
- On line 2, enter qualifying nonwage visual media production expenses. Pass-through owners enter only the portion reflecting their ownership percentage.
- Multiply line 2 by the 5% rate on line 3. Enter the credit on line 4.
- Report the credit on the applicable return worksheet or schedule:
- Form 1040ME: Schedule A, Lines 7 and 19 Other Tax Credits Worksheet, line 7.
- Form 1040C-ME: Schedule A, line 11.
- Form 1041ME: Schedule A, line 13.
- Form 1120ME: Schedule C, line 1k.
Enclose this worksheet with the applicable return, along with the required certificate copy and, if applicable, Schedule K-1. The supplied text does not specify a mailing address or e-filing method.
Common mistakes
- Claiming this credit while also claiming the Pine Tree Development Zone income tax credit. Those businesses are not eligible.
- Claiming the credit when total qualifying visual media production expenses are below $75,000. The worksheet says to stop if line 1 is below that amount.
- Forgetting to enclose the production certificate.
- Claiming more than your proportional share through a pass-through entity, or forgetting to attach your federal Schedule K-1.
- Treating the credit as refundable or carrying it to another tax year. It is nonrefundable and cannot be carried back or forward.
Questions people ask
How much is the credit?
The credit equals 5% of qualifying nonwage visual media production expenses. The company must first meet the $75,000 minimum for total qualifying visual media production expenses.
Which tax year can I claim it for?
You may claim the credit only for the tax year in which the production is completed. This worksheet is for tax year 2024.
What expenses are excluded?
Visual media production expenses exclude marketing, advertising, printing, and disseminating the production. For the nonwage credit calculation, also remove certified production wages, including the specified payments for leased employees, performing artists, and other individuals' services, whether or not those wages were included in a reimbursement claim.
Can I get a refund or use unused credit in another year?
No. The credit is nonrefundable and cannot be carried back or forward to other tax years.
Where can I learn about applying for a production certificate?
The worksheet directs applicants to filminmaine.com/incentives for more information.