March 22, 2021

Film stimulus would position Minnesota to capitalize on pent-up demand for new TV, movie production

(workdayminnesota.org)

Two things our country learned over the past devastating 12 months are that the American worker is the backbone of our economy, and we love to be told stories through movies and TV shows.

The pandemic forced this country to realize that day-to-day, week-to-week labor is what keeps our economy running strong. The success of our economy is not determined by what companies are being invested in or traded. It is determined by the labor that goes into the products and services those companies produce, but more importantly the health and safety of those doing the work. Take them out of the equation, and it all falls to pieces. Keep them healthy, safe and paid fairly, and they go out and keep the economy churning along by putting their hard-earned pay back into the system.

Americans have learned how to do some of our work remotely, but the strength of our success comes from people being able to come together safely to get the jobs done, be it in teaching, construction, transportation, food service or health care.

The other thing we all experienced together during our time apart was the joy and sense of normalcy we experienced watching movies and TV. Everyone’s got their preferences while they pass the time, escape reality, laugh or cry or feel everything in between, or learn about themselves or something new. The past year we’ve used these stories to help keep us sane, either watching them ourselves or plopping the little ones down in front of the box so we could get work or something else done. Entertainment has helped keep us going.

By: Casey Lewis

Continue Reading at workdayminnesota.org

Hollywood Seeks to Be Film King Again With Expanded Tax Breaks

(news.bloomberglaw.com)

Frustrated at losing movie and television production to other states with rich tax breaks, California is looking to expand its own incentives to keep its flagship industry at home.

Lawmakers are considering four bills—and more could be coming—that push against the limits of California’s 10-year-old film and television tax credit program and stay competitive with more generous breaks in states including Georgia, which has overtaken California as the top movie-production state, and New Mexico, which used incentives to land a Netflix Inc. production hub.

More than 30 other states use tax breaks to poach productions, with Hawaii, Illinois, Massachusetts, Montana, and West Virginia weighing bills this year to renew or expand their programs.

Entertainment studios, hit hard by production shutdowns and closed movie theaters during the Covid-19 pandemic, are poised to benefit from the proposals as they race to meet demand for content on streaming services like Disney+, HBOMax, Netflix, Paramount+, and Peacock. They’re part of the discussions but aren’t weighing in publicly yet on the bills.

“Do you want studios to continue to do well but expand in places other than California?” said Thomas Davis, president of the California Council of the International Alliance of Theatrical Stage Employees and business manager for IATSE Local 80. “More studios in Atlanta doesn’t help people in California.”

More tax incentives would be welcome news for studios leaning heavily into streaming, Bloomberg Intelligence Senior Industry Analyst Geetha Ranganathan said.

“This could certainly spur more local investment especially as traditional studios face intense competition from the likes of Netflix and Amazon,” she said.

By: Laura Mahoney

Continue Reading at new.bloomberglaw.com