Joe Chianese of EPFS will moderate a panel called “The Whole World Is Watching: Producing for a Global Audience” at this year’s PGA Produced by Conference.
The panel is scheduled for Saturday, June 10 at 11:15am – 12:30pm.
Updates by Jurisdiction
For more information on incentives in each state, visit the Production Incentives map on our website and click on the state of interest.
HB 554 was introduced late last month, which would have repealed the state’s entertainment industry incentive. However, earlier this month the bill was put on hiatus and is not expected to move forward this session. (See al.com)
The California Film Commission will soon be accepting applications for Feature Film (independent and non-independent) projects. The upcoming application window will run from June 19 – 26. Applications are based upon their “jobs ratio” score. Credit Allocation Letters will be issued July 24.
AB 1300 was introduced, which would modify the credit currently available for music scoring and recording expenditures in the following ways:
- Removing the current 5% music uplift; and
- Requiring the California Film Commission to allocate a credit amount for post production music scoring or recording in an amount of 25-30% of qualified expenditures on productions meeting specified criteria.
Members of the state Legislature’s Joint Budget Committee approved $750K in the state’s budget for spending rebates on film, TV, and video game productions. Over the past several years, the incentive program was allocated $3M on an annual basis. (See Denver Business Journal)
HB 423, which caps the annual amount of tax credits that may be claimed at $35M and extends the sunset date of the tax credit program to January 1, 2026, has been sent to the Governor for signature.
SB 254, which has passed the Senate would make significate changes to the state’s Motion Picture Tax Credit. Some of the changes include:
- a maximum of $150M issuance cap for the next three fiscal years. For each year after that, the cap would go back to $180M;
- a base investment credit of 25% for projects in excess of $300K, or if a production is a Louisiana screenplay production;
- an additional base investment credit of 5% for projects filmed outside the New Orleans Metro Zone;
- an additional base investment credit of 10% for certain expenditures equal to or greater than $50K but no greater than $5M for projects meeting certain Louisiana screenplay criterial;
- a 10% credit for Louisiana resident payroll expenditures;
- a 5% credit for certain Louisiana-based VFX expenditures meeting certain requirements;
- sunset date of July 1, 2025
MS 15222 was proposed this month, which would amend rules for that state’s motion picture production tax incentive in regards to non-resident payroll and fringe rebates. If accepted, non-resident payroll and fringes would no longer be eligible for the rebate after July 1, 2017.
The Blair City Council may consider whether to allow its LB 840 funds to be used for film production. In a meeting earlier this month, council members discussed allowing incentives to be used for film production expenses such as lodging, food, and other needs. (See Washington County Pilot-Tribune & Enterprise)
The New Mexico Taxation and Revenue Department has created a certification card for full time NM residents. Cast and crew members can obtain this certification card in an effort to streamline the auditing for the NM Film Tax Credit. The certification card will be sent out at the end of May for anyone who has applied and is eligible. These cards will go live on productions starting July 1, 2017. If someone did not receive a letter, the forms can be found at the TRD website.
SB 5911 was introduced, which would add Rockland County to the list of upstate counties that qualify for an additional 10% tax credit on BTL labor expenses.
HB 2244 has been signed by the Governor. The bill authorizes the film office to deduct up to 1% of a rebate issued through the Greenlight Oregon Labor Rebate Fund for workforce development and educational efforts. It also extends the sunset date of the program to January 1, 2024.
The legislature approved the governor’s fiscal year 2018 budget, which includes $13M in funding for the Tennessee Film Grant program ($2M in recurring dollars and $11M in additional funding). This allocation is in addition to the existing funding from FY2017. The $13M will be available July 1, 2017 in addition to the $900,000 from FY2017.
For more information on incentives around the world, visit our website and click on the country of interest.
New Democrats in Nova Scotia are promising to reinstate a film tax credit that was eliminated by the liberal government, saying the government’s move left the industry “decimated.” The new incentive would offer the film industry a $23M a year tax credit, with an additional $10M in the first year. (See RD News Now)
Finance Minister Steven Joyce’s first budget will allocate $240M over the next four years to help bring international productions to New Zealand. Another $63.9M will be committed to ensure the domestic component of the New Zealand screen production grant continues. (See Stuff)
Senator Sonny Angara is seeking passage of the Philippine Film and Television Act, which would grant tax incentives and other perks to foreign moviemakers who shoot in the Philippines. If enacted into law, Angara said this would make locally-shot international movies huge “advertising billboards,” which would generate the interest of foreign tourists. (See Manila Bulletin)
Producers Alliance for Cinema and Television (Pact) is proposing that film tax credits be extended to 40% for films made in the UK, with a budget of £2-10M ($2.5M-12.9M.) It hopes to stimulate growth in the independent production sector, following a study which showed the value of the international sales market has slumped by 50% since 2007. (See Prolific North)
Since production incentives change on almost a daily basis, EP Financial Solutions maintains its expert standing with our constant involvement in worldwide seminars and conferences.
Variety 411 Webinar: Live From Cannes: Financing a Festival-Worthy Production
May 25, 2017
Joe Chianese will moderate the webinar, “Live From Cannes: Financing a Festival-Worthy Production,” which will focus on how global indie production companies have financed their Cannes entries. The Variety 411 sponsored panel will broadcast Thursday, May 25 at 11:00am (Paacific). Click here to register.
DISCLAIMER: These materials have been prepared by Entertainment Partners for informational purposes only and should not be construed as tax advice or relied on for specific projects. Though every effort has been made to remain current, laws and incentives change and therefore this information may have been revised. Please contact your legal or tax advisors to confirm any laws or the effect of incentives on your project. For updates and more information, please visit our website at epfinancialsolutions.com.
Providing links to other sites shall not be construed as an endorsement by Entertainment Partners of the linked websites or the opinions expressed on such websites.