Connecticut Administrative Code
Title 12 - Taxation
217jj - Film Production Tax Credit Program
Section 12-217jj-5 - Fiscal and accounting requirements
Universal Citation: CT Reg of State Agencies 12-217jj-5
Current through September 9, 2024
(a) Each applicant issued a notice of state eligibility certification pursuant to subsection 12-217jj-4 of the Regulations of Connecticut State Agencies shall utilize an accounting system which conforms to generally accepted accounting principles (GAAP) in accounting for all production expenses or costs incurred in connection with the qualified production. Such expenses or costs shall be included in the detailed cost report which shall accompany any application for a tax credit voucher.
(b) The following accounting records and documentation, at a minimum, shall be made and maintained by an applicant issued a notice of eligibility certification:
(1) Invoices, purchase orders, vouchers, paid
bills, crew call sheets, second unit call sheets, and production
reports;
(2) Individual payroll
records for all employees working on the qualified production;
(3) Individual attendance records for all
employees working on the qualified production;
(4) Records relating to refunds, rebates,
invoicing errors, purchase returns, sales of equipment, props or other
production assets and insurance claims;
(5) Records relating to costs and expenses
regarding the ownership or lease of any real property, improved or unimproved,
together with sufficient documentation to support one of the cost allocation
methods set forth in subsection (a) of section
12-217jj-8 of
the Regulations of Connecticut State Agencies;
(6) Records relating to costs and expenses
regarding the purchase or rental of any tangible personal property together
with sufficient documentation to support the cost allocation method set forth
in subsection (b) of section
12-217jj-8 of
the Regulations of Connecticut State Agencies; and,
(7) Records relating to any related party
transaction as such are defined and specified by the Financial Accounting
Standards Board (FASB) Statement No. 57, sufficient to permit an auditor to
provide the information required pursuant to subsection
12-217jj-10(c)(3)
of the Regulations of Connecticut State Agencies.
Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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