California To Film Industry – “Come back baby, I promise it’ll be different this time.”
Posted in: movies, news, vfx, visual effects
Seems that the Golden State has finally wised up and started offering some of the same tax credits other states and countries have given up to movies and tv shows for years. The deal is that Cali will give back 20% of below the line costs capped at a $500 million dollar payout over the next five years. The tax credit also does not extend to films with a budget over $75 million (you heard me Stretch Armstrong:The Movie).
That sounds like a lot until you look at all the other tax credit schemes out there. According to the L.A. Times…
New Mexico offers a 25% rebate on production costs and does not have a cap. Neither does Michigan, where filmmakers get up to 42 cents back for each dollar they spend on filming.
So the question will be, which of the Hollywood glitterati is going to volunteer to spend 4 months of their lives eating Chile Con Carne in Albuquerque over the Pan-Roasted Organic Chicken With Oregon Morel Mushrooms at Spago to save the studios a measly 5%. I guess time will tell
LINK to the full article about the tax rebate in the L.A. Times
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