Enhancing Film Tax Credits – Does It Work
July 1, 2009 Leave a comment
News to Hollywood – productions are “Running Away”.
The big difference is the various State and provincial tax credits being offered.
recently, both Ontario (June 30th) and Quebec (June 14th) now have enhanced tax credits of 25% of All Local Spend (rather than local labor only). This is huge for out-of-town productions effectively doubling the tax credit available and easily bankable. Quebec has reduced their VisFX Tax Credit, but Ontario has no updates yet on their 20% VisFX Tax Credit.
The best tax credits in the world are still in Michigan with an All-Spend credit of 40% + 30% for non-State residents. However, the lack of infrastructure is still holding back the big Hollywood productions from stampeding the State – probably a good thing in the long run. But there’s no question it’s helping and once their sound stages are built and crew start to congregate there, it will be a film production force to reckon with.
Will Hollywood start screaming “Runaway Productions” again? News Bulletin to Hollywood – production already ran away.