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Brandaniel
Great read! I don’t think you’re talking out of your as at all, but I would love some clarification on how the selling of these credits on the open market works.
Say I have $100k in tax credits to sell on the open market, who buys them and are they guaranteed to sell or is it up to me to find a buyer? Say they sell, do I get to keep the $100 and use it for whatever I want or do I have to do something special with it?
This article would be 10/10 for me if it answered these questions, but right now I have to give it 9/10 for leaving me hanging on the finer points.
Jason Sirotin
Great question Brandaniel! There are two ways this can play out.
1. If you have $100,000 in Georgia tax credits and you have a large tax liability you can use these credits dollar for dollar and as needed. So let’s say you have $20,000 of tax liability in 2018. In this situation, you can pull from your $100,000 worth of tax credits to cover that liability. Now you have $80,000 in Georgia film and video tax credits remaining in your tax credit stockpile. Pretty sweet deal.
2. The second scenario is more complicated. Let’s say you don’t have a large tax liability and therefore having a tax credit is worthless to you, that’s when you can opt to sell your tax credits for cold hard cash! The only problem is you can’t sell them dollar for dollar because there is no benefit to the person buying them. In this situation, buyers will pay anywhere from $0.65 to $0.92 on the dollar. So if you only could negotiate $0.65 on the dollar you would get a payout of $65,000 for $100,000 worth of tax credits. Both business and individuals can buy these tax credits and the amount paid for purchase is very dependent on timing. Selling tax credits in February, for example, is a great time to sell because corporations and high net-worth individuals are starting to work on their taxes and their looking for any way to save money.
I hope this clarification gets this article to a 10. I give your question a 9.5. 🙂
Zach
Great write up! Thanks for breaking this down so it’s easily digestible. Hopefully this will be another big job creator for the film sector.