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22.08.2022 - 18:13 / deadline.com
Four big-budget features are among the 18 film projects that have conditionally qualified for the latest round of California’s tax credit program. Together, they’re expected to generate an estimated $915 million in overall production spending across the state and employ nearly 600 actors, more than 2,500 crew members and thousands of background performers. See the list below.
“We are thrilled to continue welcoming the kind of big-budget films that used to be so susceptible to runaway production,” said California Film Commission Executive Director Colleen Bell. “In addition to our incentive, we have the best talent, crews, infrastructure, locations, weather, and so much more. California is ready to help filmmakers make the most of all we have to offer.”
In addition to cast and crew, the 18 films are also expected to generate significant post-production jobs and revenue for California VFX artists, sound editors, sound mixers, musicians, and other workers and vendors.
The four big-budget films receiving the subsidies are:
• An untitled Netflix Productions project. With $107.7 million in qualified spending, it will receive an estimated $20,511,000 in tax credits. • The Thomas Crown Affair (MGM). With $87.9 million in qualified spending, it will receive an estimated $19,570,000 in tax credits. • Joker: Folie à Deux (Warner Bros.) With $98.7 million in qualified spending, it will receive an estimated $12,600,000 in tax credits. • Rebel Moon Part 2 (Netflix). With $83 million in qualified spending, it will receive an estimated $16,618,000 in tax credits.
Combined, these four films are expected to generate $377 million in qualified spending and $748 million in overall spending in California.
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A California Senate bill extending the $330 million annual film and TV tax credit until 2030 was today placed in the inactive file for this legislative session at the request of its lead author, Senator Anthony Portantino (D- Burbank).
Portantino, who authored the bill and is a major player when it comes to film industry legislation in California, said that the delay was done to give lawmakers time to iron out late amendments added to the tax program, including a diversity amendment added by Los Angeles Assemblywoman Wendy Carrillo requiring productions that receive a tax credit to hire a cast and crew that is “broadly reflective” of the state’s demographics. With the current tax credit program not expiring until 2025, Portantino expressed confidence that the extension can be finalized in time.
Gene Maddaus Senior Media Writer A bill to extend California’s film and TV tax incentive program through 2030 has been placed on hold, as lawmakers continue to work on elements of the bill, including a new diversity mandate. The state’s $330 million tax credit for Hollywood is currently set to expire in 2025. Sen. Anthony Portantino has worked on a bill, SB 485, that would add another five years to the program. Last week, a new provision was added requiring that productions that receive a tax credit adopt hiring goals that are “broadly reflective” of the state’s demographics. Assemblywoman Wendy Carrillo, D-Los Angeles, led the effort to include that provision, which also adds an extra 4% subsidy for projects that meet their diversity targets.
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The California Film Commission announced today 18 upcoming projects that will benefit from the state’s Film and TV Tax Credit Program, receiving a combined $93.7 million break for generating an estimated $915 million in spending.Todd Phillips’ “Joker” sequel “Folie à Deux,” a remake of “The Thomas Crown Affair” starring Michael B. Jordan, and “Rebel Moon Part 2” are among the big-budget films selected for the program. An untitled Netflix production, which qualifies for more than $20.5 million in tax credits, is the priciest project at $107.7 million in qualified spending.
Gene Maddaus Senior Media Writer“Joker” was a very New York movie — so much so that tourists flocked to the Bronx staircase where Joaquin Phoenix danced in a montage.But the sequel, “Joker: Folie á Deux,” will shoot in Los Angeles, thanks to $12.6 million in tax credits to Warner Bros. from the state of California.The California Film Commission announced its latest round of credit allocations on Monday morning, awarding $93.7 million to 18 projects.
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Hollywood soon might be required to do more than just talk about the importance of diversity in the industry, if a new addition to an extension of California’s lucrative film and television tax credits becomes law.
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