Sunday, December 27, 2015

Joe Cirillo Talks!

Oroloro partner Joe Cirillo was interviewed on WGBB radio Saturday, 8-22-15, for the show Streetwise with Lou Telano.
where he talks about his life as a NYPD police officer, and his transition to being an actor, screenwriter, celebrity security expert...and producer of our comedy MEGABALL$.
You can hear the interview by clicking HERE.

Section 181 Tax Incentive Renewed

Dec 18, 2015, Congress approved a spending package that include a provision to help filmmakers, by renewing the Sect 181 Federal Film Tax Incentive, which originated in the 2004 JOBS Act. The provision is retroactive to Jan 1 2015 and will expire on December 31, 2016. The revision also includes Theatrical productions, not just television and film.

The code allows investors to deduct their investment as soon as the qualified film begins production, then later claim any returns as income in future year (limited by passive income rules). There are limitations and a potential investor should consult their own tax adviser.  MEGABALL$ complies with the requirements of the film: 75% must be for paid service in the US, and our project will be 100%. Sect 181 may allow a film investor to minimize their risk.

Here are a few links to read more about Sect 181 and the tax implications:

We hope potential investors will take into mind these tax implications and consider investing in MegaBall$, which has solid commercial appeal. Read more about MegaBall$

Friday, August 7, 2015

NYS Extends Film Tax Incentive

NY State’s popular film and television tax credit has been extended through 2019 will provide the stability necessary to allow the state to attract more long-term investments and create more jobs for New Yorkers all across the state.  READ MORE
Part of our overall plan is to use the tax incentive money for our marketing fund. A preliminary estimate puts our tax benefit at $190k.
Read more about MEGABALL$ on its web site.