Get The Power Of Tax Credits For Your Businesses

Marina Cappi is the founder of Marina Studios, Executive Producer of Compelling Pictures, and a former finance professional who created the only female-founded film studio in the US. Due to the increased demand for streaming services and her experience in construction and finance, Cappi took the leap and started Marina Studios. Based in Boston, Massachusetts, Marina Studios offers 26,000 square feet and includes an additional 15,000 square feet of multi-use production offices and a 3-acre backlot.

Since film industry tax credits were signed into law in Massachusetts in 2005, Boston has become an attractive destination for Hollywood to film for its accessibility for travel, picturesque four-season backdrops and financial advantages. Cappi was motivated by the tax credits offered in Massachusetts to start Marina Studios, as tax credits are powerful tools businesses can use to help them get started and succeed.

What are tax credits?

Tax credits are reductions in the amount of taxes that a business owes. You can use tax credits to offset the costs of starting a new business or expanding an existing one. There are two types of tax credits: refundable and non-refundable. Refundable tax credits get used if the tax liability is less than the credit. You can only use non-refundable tax credits to offset taxes owed.

What are the benefits of tax credits?

There are many benefits of tax credits for businesses. Tax credits can help companies save money, which you can reinvest into the business. They can also help companies to attract and retain employees. Tax credits can help companies improve their bottom line and become more profitable.

Taking advantage of tax credits offered for businesses is a smart financial move. Tax credits are available for various business expenses, including research and development, employee training, and energy-efficient equipment. By claiming tax credits businesses can reduce their tax liability and free up cash to reinvest in their business.

Claiming tax credits can be a complex process, but many resources are available to help businesses navigate the process. It would help if you worked with a tax professional when claiming tax credits. The IRS website offers information on various tax credits, and many accounting software programs provide tools to help businesses track eligible expenses. Claiming tax credits can be a valuable way to reduce your business's tax liability.

Marina Studios has had a positive impact on the local community post-pandemic by boosting business at local restaurants and small businesses like dry cleaners that are having their best years because of services provided to the new movie industry in the area.

The Whitney Houston Biopic I Wanna Dance With Somebody (in theatres Dec 2022) was shot at the new woman-run Marina Studios in Boston. Marina Studios has Daddy Issues, produced by Katie Cassidy as an all-female project co-produced by Cappi and the newest Liam Neeson movie Thug in the works.

Cappi is committed to enriching and cultivating local initiatives with Boston colleges, trade schools and high schools. Marina Studios encourages film and tech trade jobs and offers internships and other learning opportunities to those passionate about the industry.

The bottom line is that tax credits are powerful resources businesses can use to help them get started and succeed. If you're considering starting a business, research the other tax credits available to you, and utilizing tax credits could be the difference between your business succeeding or failing.