New York State increases filming tax credit
The New York State film production tax credit has increased its allocation from USD350 million to USD429 million per year. This will start in 2010’s tax year and will be valid for five years. There will however be an increase in the percentage or number of shooting days that must be shot at a qualified facility.
Austria’s proposed production incentive has been fast tracked by the government and will now launch in July subject to EU approval. The programme is based on Germany’s highly lucrative 20% cash back system. It will have USD4.5 million available this year with a further USD10.5 million for 2011 to 2012. Productions will need to spend at least 25% of their budget in Austria although this could drop to 20% for larger productions.
The Czech Republic’s long awaited incentive programme is due to become law next month once it has been approved by the EU Commission. The system will again be similar to Germany's and will reimburse up to 20% of the costs incurred for producing a film in the country.
Florida’s film industry is pushing for their incentive to be changed from a refundable credit to a transferable tax credit. Under the proposed legislation, qualified productions spending at least USD100,000 would be eligible for tax credits of 20%. Off-season productions and family-friendly productions could receive an additional 5% tax credit. USD75 million would be available each year.
After a spate of recent legal problems, a panel of legislators appointed by Iowa’s governor has recommended that Iowa’s film tax credit programme be terminated permanently.
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