Opening to fantastic reviews, Universal Pictures’ latest film – American Made starring Tom Cruise and directed by Doug Liman – was partially financed by EP Financial Solutions. EPFS is proud to be a part of this fantastic new film and congratulates everyone involved!
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.
The California Film Commission has released its annual progress report on how effective the state’s expanded Film & Television Tax Credit Program 2.0 has been at keeping film and television production in state. The report states that in just two years under the new program, California has attracted or retained 100 film and television projects, generating an estimated $3.7B in direct spending to the state.
Republican members of Colorado’s Legislative Audit Committee outlined a proposal today to ensure that state film incentives are going only to companies that qualify for them – and then said the Legislature needs to have a serious discussion in 2018 about whether it’s time to eliminate the five-year-old program altogether. (See Denver Business Journal)
The state released new rules for productions filing for an initial certification under the new program. Beginning July 1, 2017, the office will accept and review applications on a monthly basis. All applications received by the 15th of the month will be treated as received on the last business day of the month and processed accordingly.
In the article, “Why I Shot My Feature in North Carolina Despite the Less Competitive Tax Incentives,” filmmaker Angus MacLachlan discusses his latest film, set in East Bend, NC, and why the rolling hills of Yadkin County were more important than taking advantage of the various tax incentives in the surrounding states.
For more information on incentives around the world, visit our website and click on the country of interest.
CANADA – Federal
Netflix announced this month its plans to invest at least $400M in Canadian film and television productions over the next five years. Netflix will establish a permanent, multipurpose film and television production presence in Canada — the first time the company has done so outside of the US. With its spending commitment, Netflix will work with Canadian producers, production houses, broadcasters, and other partners to produce original Canadian content in both English and French. (See Variety)
CANADA – British Columbia
Motion picture production in British Columbia is at an all-time high, as new numbers released by the province show a 35% increase in spending compared to last year. The province estimates that $2.6B will be spent in 2016-17, compared to the previous year’s $1.9B. (See CBC News)
Chile now offers a 30% cash rebate to international productions shooting in the country. In order to qualify, foreign producers are required to sign a co-production pact with a local producer and meet a minimum spend requirement of $2M locally. The pilot program is limited to $2M for 2017, but is expected to expand for 2018. (See Variety)
EPFS Locations Spotlight
EP Financial Solutions is a primary contributor to Variety‘s “Artisans” Feature, spotlighting various filming locations around the world. Here are the locations we have covered in recent weeks.
Long a mecca for Hollywood types seeking substantial incentives, Louisiana has grown into a production powerhouse. However, over the past few years, with the breaks coming into question, the state has lost business to places like Georgia. Now, with a newly revised incentive plan offering a 25%-40% partially refundable tax credit, the state is fighting back.
Events on the Korean Peninsula have generated lots of news lately – most of it negative – but that shouldn’t deter producers from going to its southern half to take advantage of stunning locations, a bustling megalopolis (Seoul), and a high-tech society boasting lightning-fast broadband connectivity and highly trained crews – not to mention generous incentives for producers. The country’s cash rebate ranges from 20% to 25% on qualified spend, depending on a few factors.
Home to some of the most captivating scenery on earth, Norway also offers filmmakers unique sights such as the natural fireworks of the aurora borealis, accessible glaciers, and the dramatic landscapes of its fjords, where the deep sea meets sheer rock walls. The Scandinavian country sweetens these enticements by throwing in a 25% rebate on qualified expenditures.
Evergreen forests, snowcapped mountains, scenic coastlines, lush farmland, sand dunes, and volcanoes all combine to make Oregon one of the most scenically diverse states in the country. Combine those lures with the charms of Portland, one of the friendliest cities in the U.S., and throw in a rebate of up to 20% on qualified spend, and you’ve got the perfect Hollywood-baiting formula.
EPFS In the News
Joe Chianese, EVP of EPFS, was quoted in a recent Bloomberg article titled “Looking at You, Kid: Tax Credits for Movies, TV in Focus.” The article discusses the stiff competition among jurisdictions around the country to lure film and television projects with lucrative tax credits.
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.