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EP Financial Solutions in the News

Entertainment Partners was recently featured in Variety Magazine to celebrate our 40 years as a company. EP Financial Solutions is highlighted in the article, noting the expertise Joe Chianese (EVP of EP Financial Solutions) and the EPFS team bring to the company and the industry.

Updates by Jurisdiction

U.S. Updates
For more information on incentives in each state, visit the Production Incentives map on our website and click on the state of interest.

CALIFORNIA
• Location filming in the Los Angeles region increased 3% in the third quarter of 2016. That’s a record number of shoot days for a July through September period since FilmL.A., the official film office for the City and County of Los Angeles and 20 other local jurisdictions, started its current tracking system in 2010. (See Daily News)

• With the first fiscal year for the new California film tax incentives now complete, the California Film Commission has issued a report that said the $220M in funding that became available in fiscal year 2015-2016 generated $1.5B in direct in-state spending from film and TV production, including $600M in BTL wages. (See The Hollywood Reporter)

• The California Film Commission has updated the qualified expenditure chart for non-independent productions with partial or all principal photography outside the Los Angeles 30 mile zone. Updates include clarifying expenditures considered a zone consumable (ZC) versus those considered a zone expenditure (ZE). As a reminder, the cost of a ZE is pro-rated based on the number of principal photography days in and outside of the studio zone, whereas the cost of a ZC is not.

NEW JERSEY
AB 2256 is moving forward in New Jersey. The bill would bring back the state’s Film and Television Project and Employment Incentive. Last month we reported on the identical bill, SB2553, which was introduced. The new bill would give productions up to 25% back, with an annual cap of $30M. The state’s last incentive program was allowed to sunset in 2015. (See New Jersey 101.5)

NEW MEXICO
During a Special Session called earlier this month to address the state’s budget deficit, NMH15a was introduced to reduce New Mexico’s production incentive. The special session adjourned without further action on this bill. (See The Albuquerque Journal)

NEW YORK
• New York City has created a $5M fund for women working in film and theater, becoming the first municipality in the U.S. to finance such an initiative. The fund will provide grants to support film and theater projects by and about women. New York will also hold workshops and a film financing conference designed to connect women with money for their projects. (See NYC Mayor’s Office of Media and Entertainment)

• New York City launched a groundbreaking sustainability initiative for its $9B film and television industry this month. The voluntary initiative will encourage productions to engage in sustainable practices, including waste reduction, energy conservation, and staff education, in order to reduce their environmental impact and create a sustainable production environment. (See NYC Mayor’s Office of Media and Entertainment)

• Rupco, the Kingston-based affordable-housing advocacy organization, is teaming up with Mary Stuart Masterson’s Stockade Works to bring TV/film production studios and a training center to Kingston. (See Hudson Valley One)

TEXAS
• On October 4, more than 30 local filmmakers and film lovers attended a city council meeting to present an incentive that promotes film production in El Paso. The main goal is to turn El Paso into an advantageous place where the film-making profession can grow. (See University of Texas Prospector)

• San Antonio’s City Council unanimously voted earlier this month to approve a San Antonio Film Commission plan that local entertainment industry leaders hope will draw more lucrative motion picture and television work to the area. A key element to the plan is an increase in the city’s incentive from 2.5% to 7.5%. The council vote also frees up the city to offer local incentives to qualifying projects even if they don’t receive the state’s rebate. (See San Antonio Business Journal)


 

State-by-State Funds Available as of October 1, 2016

Who still has funds in the Fall of 2016? There is still substantial film incentives money available, and some new money too. Here’s how to find it:

Alabama: $20M currently available.
Arkansas: Contact Film Office.
California: The next application window is for TV Projects and runs from November 14 thru November 29, 2016.
Colorado: $560K currently available.
Connecticut: No program cap.
District of Columbia: Funds currently available, contact Film Office for details.
Georgia: No program cap.
Hawaii: No program cap.
Illinois: No program cap.
Kentucky: No program cap.
Louisiana: The current claims cap is completely consumed. The claims cap for July 1, 2017 is presently at $102M (est.).
Maine: No program cap.
Maryland: No funds currently available.
Massachusetts: No program cap.
Minnesota: $1.1M currently available
Mississippi: $15M currently available.
Montana: No funds currently available.
Nevada: No funds currently available.
New Mexico: $50M available on a rolling basis. Contact Film Office for details.
New York: $420M available per year through June 30, 2019. Contact Film Office for details.
North Carolina: Over $20M currently available.
Ohio: No funds currently available.
Oklahoma: $5M currently available.
Oregon: Contact Film Office for current funding.
Pennsylvania: Contact Film Office for current funding.
Puerto Rico: Contact Film Office for current funding.
Rhode Island: $10M currently available. $15M available January 1, 2017.
South Carolina: No funds currently available.
Tennessee: $16M currently available.
Texas: Contact Film Office for current funding.
Utah: $3.5M currently available.
Virginia: Funds currently available, contact Film Office for details.
Washington: No funds currently available. $3.5M available January 1, 2017.
West Virginia: $4M currently available.


 

International Updates
For more information on incentives around the world, visit our website and click on the country of interest.

CANADA
Prime Minister Justin Trudeau’s government has made talk shows eligible for a tax credit. The move could benefit television production companies throughout Canada, where talk shows have largely been produced in house by television networks. (See CBC News)

CHINA
Wanda unveiled plans for an $8B “Movie Metropolis” in Qingdao. The studio facility will include 30 soundstages, with plans to open in August of 2018. Movie and TV projects that film at the Qingdao facility will be eligible for a 40% rebate jointly funded by the Qingdao regional governments and Wanda. (See The Hollywood Reporter)

IRELAND
The capital budget allocation for the Irish Film Board has increased from €11.2M in 2016 to €12.7M in 2017. (See Irish Examiner)

SOUTH AFRICA
Western Cape MEC for Economic Opportunities, Alan Winde, City of Cape Town Executive Mayor, Patricia de Lille, and a Wesgro delegation met with senior executives in Hollywood at Universal studios, Warner Bros, and Walt Disney studios. The visits were aimed at furthering opportunities for growth in the film sector through the attraction of additional film and television series by major studios, and to understand first-hand what would be required to achieve this. (See Cape Business News)

UKRAINE
Ukrainian parliament has adopted legislation on state support of the film industry. Foreign production companies can get up to a 25% rebate on qualified production expenses and up to 10% in royalties for the projects shot in Ukraine as a service or in a co-production with a Ukrainian company. (See Ukraine Film Office)

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.