Cinespace Chicago Film Studios growth may be spurred by new tax incentive
Expansion plans at Cinespace Chicago Film Studios in Illinois are set to benefit from a new property tax reduction being planned by the city’s Mayor. The studios were officially opened in mid-2011 and the facility is set to develop more stages in the coming years.
“TV and film production are important aspects of the Chicago economy, for local talent as well as for out-of-town production companies that use local facilities,” said Mayor Rahm Emanuel: “By lowering the cost of doing business, the tax incentive will make this facility more viable for this kind of work.”
If the tax incentive becomes law, Cinespace Chicago Film Studios is set to save nearly USD4 million over 12 years.
TV and film production are important aspects of the Chicago economy, for local talent as well as for out-of-town production companies that use local facilities.
Rahm Emanuel, Mayor of Chicago
Cinespace is home to several TV dramas, including fire-fighting drama Chicago Fire, and in recent months has also hosted sci-fi features Divergent and Jupiter Ascending. The city generated nearly 950 officially permitted shoot days throughout 2012.
Illinois offers a base 30% filming tax incentive and the state is considering expanding this programme to include the first million dollars of star salary payments.
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