Form IT-FC Film Tax Credit - Georgia (United States)

What Is Form IT-FC?

This is a legal form that was released by the Georgia Department of Revenue - a government authority operating within Georgia (United States). As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form IT-FC?
A: Form IT-FC is the Film Tax Credit form in Georgia.

Q: What is the purpose of Form IT-FC?
A: Form IT-FC is used to claim the Film Tax Credit in Georgia.

Q: Who can use Form IT-FC?
A: Any person or company engaged in the production of film, television, or digital entertainment in Georgia can use Form IT-FC to claim the Film Tax Credit.

Q: What is the Film Tax Credit in Georgia?
A: The Film Tax Credit is a tax incentive program that provides a credit against the Georgia income tax liability for qualified production expenditures incurred in the state.

Q: What are qualified production expenditures?
A: Qualified production expenditures include costs for goods, services, and labor directly attributable to the production of a qualified project in Georgia.

Q: How much is the Film Tax Credit?
A: The Film Tax Credit in Georgia is currently 30% of qualified production expenditures.

Q: How do I claim the Film Tax Credit?
A: To claim the Film Tax Credit, you need to complete and file Form IT-FC with the Georgia Department of Revenue.

Q: What supporting documents are needed for Form IT-FC?
A: You will need to attach documentation, such as a production cost report and a certificate of qualification, to support your claim for the Film Tax Credit.

Q: When is the deadline to file Form IT-FC?
A: Form IT-FC must be filed within 30 days after the end of the calendar year in which the qualified production expenditures were incurred.

Q: Can I carry forward unused Film Tax Credits?
A: Unused Film Tax Credits can be carried forward for up to 5 years.

Q: Can I transfer or sell my Film Tax Credits?
A: Yes, Film Tax Credits can be transferred or sold to other taxpayers.