On June 4, 2008 Governor Sarah Palin signed SB230 into law, creating the Alaska Film Office. The initiative provides a transferable tax credit for qualified film production expenditures as an incentive to attract large scale film production houses.
The Alaska Office of Economic Development has initiated drafting of regulations and continues work with the Alaska Department of Revenue and Alaska Department of Law on this process as expeditiously as possible. In the meantime, producers can call for an application to apply for a notice to pre-qualify for the tax credit.
However, productions that are pre-qualified during the regulations process must be aware that ultimate qualifying spending criteria may differ than what can be inferred from statute. Any production company incurring expenses while the regulations are still being vetted does so under the assumed risk that expenses believed to qualify for a tax credit may not.
