New Zealand changes large budget screen grant
The New Zealand Government today announced changes to New Zealand’s Large Budget Screen Production Grant (LBSPG). The changes were formulated following a review of the LBSPG that incorporated industry consultation.
Key aspects of the LBSPG that have been amended are:
Increasing the LBSPG from 12.5% to 15% of Qualifying New Zealand Production Expenditure (QNZPE); Removing the 70% QNZPE requirement for productions costing between $NZ15 million to $NZ50 million; Allowing productions costing a minimum of $NZ3 million each to “bundle” to meet the QNZPE of $NZ30 million over a 24 month period; Enabling a production, or productions within a bundle, to pre-qualify for the grant. The LBSPG payment will still be calculated against actual qualifying expenditure; Creating a specific post digital video incentive of 15% for work of this nature with a QNZPE of over $NZ3 million; The option to set an exchange rate at the start of production to offset against potential movements in the New Zealand dollar; Amending the payment criteria to allow very large budget productions to access the LBSPG each time the accumulated QNZPE of a production exceeds $NZ50 million multiples; and
allowing productions to claim the LBSPG at the completion of all expenditure in New Zealand, rather than at the completion of the overall production.
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