Film Production Tax Credit
Minnesota’s Film Production Tax Credit provides an assignable 25% income tax credit to production companies that expend at least $1,000,000 in a consecutive 12-month period for eligible production costs. Applications are accepted on a rolling basis, and allocations are made on a first-come, first-served basis until the program’s $25 million annual maximum has been fully allocated. Tax Credit Certificates are issued for the year the eligible production costs are recognized.
The program is currently accepting applications. As of September 15, 2023, $29.1 million in credits remain available for allocation. On January 1, 2024, an additional $25 million in credits will become available for allocation.
Legislative updates for 2023
The Minnesota Legislature made significant changes to the Minnesota Film Production Tax Credit Program. These legislative changes included:
- Projects may now qualify by expending at least $1 million in a consecutive 12-month period
- Annual funding increased to $24,950,000 per year. Unused allocations remain available for up to four future program years.
- Program authorization has been extended until December 31, 2030