California’s Film & Television Tax Credit 2.0 Program generated nearly $21.9 billion in economic output in the state over five years at a projected cost to taxpayers of little more than $1.5 billion, according to a new study commissioned by the Motion Picture Association, using data from the California Film Commission.
California Film Commission Picks 30 Films For Next Round Of Tax Credits Expected To Generate $1.17 Billion Statewide
28.02.2022 - 19:29 / deadline.com
The California Film Commission has selected 30 feature films to receive the next round of California tax credits – movies that the commission estimates will generate $1.17 billion in overall production spending in the state and create 4,564 jobs for crew members, 1,212 gigs for actors and more than 48,000 days of work for background performers and stand-ins.
The 30 projects, for which the Commission has reserved $149.2 million in tax credit allocations, include 19 indies and 11 studio films, four of which – Atlas, Beverly Hills Cop 4, Unfrosted and an untitled film from Amazon Studios – are expected to spend an estimated $553 million in the state, including $439.2 million in qualified spending, which are wages to below-the-line workers and payments to in-state vendors – the only qualified portions of each project’s budget that are eligible for tax credits.
The CFC notes that the list of approved projects is subject to change, as applicants may withdraw from the tax credit program, in which case their reservation of credits will be reassigned to one or more projects on its waitlist.
See the 30 films here
“We’re leveling the playing field for the types of big-budget films targeted so aggressively by jurisdictions with more sweeping incentive programs,” said Colleen Bell, the Commission’s executive director. “Filmmakers want to work here in the Golden State and understand that chasing the highest incentive doesn’t ensure the best value.”
The $330 million annual tax credit program, which was increased to $420 million this year and next year, is designed to retain and attract production jobs and boost economic activity across the state.
The 30 incentivized films, which will also generate significant post-production jobs and revenue
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