March 23, 2022

CALIFORNIA’S FILM & TV TAX CREDIT PROGRAM 2.0 HAS GENERATED $21.9BN

California’s Film & TV Tax Credit Program 2.0 has Generated $21.9bn

(kftv.com)

California’s film & TV tax credit program 2.0 has generated a total of $21.9bn in economic output and $961.5m in state and local tax revenue over its five-year run, according to the California Film Commission.

A new study by the California Film Commission, Los Angeles Economic Development Corporation (LAEDC) and Motion Picture Association (MPA) shows that for every $1 allocated, the state benefitted from at least $24.40 in economic output.

Governor Newsom expanded the program last year by an additional $330m per year in tax credits to fight ‘runaway production’ and boost film/TV production employment and spending across the state. Newsom claims the expansion has also helped support over 110,000 jobs.

“Our uniquely targeted tax credit program enables us to level the playing field, fight runaway production and deliver a significant value to taxpayers,” said California Film Commission executive director Colleen Bell. “Our program welcomes big-budget films, small-budget indies and everything in between. It has also been very successful with TV production, incentivizing new and recurring projects while prompting dozens of series to relocate here from other states and nations.”

“The success of this program is not only the jobs created and retained, but the economic engine it provides to other businesses throughout the region and the state,” added Dee Dee Myers, senior advisor to the governor and director of the Office of Business and Economic Development.

By: Melissa Kasule

Continue Reading at kftv.com

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SASK. BOOSTS GRANT PROGRAM FOR FILM &TV BY $8M

Sask. Boosts Grant Program for Film and Television by $8M

(cbc.ca.com)

 

Saskatchewan is boosting its grant program for film and television by $8 million in its 2022-23 budget. 

That means the Production Grant Program — operated through Crown corporation Creative Saskatchewan — will have $10 million available for the 2022-23 fiscal year. 

The goal, according to Parks, Culture and Sport Minister Laura Ross, is to attract more and larger projects to Saskatchewan. 

“With the significant rise in streaming services rapidly developing content, we are seeing a real opportunity to help Saskatchewan businesses take advantage of this demand,” Ross said.

A decade later

The news comes 10 years after the Saskatchewan government slashed the province’s film tax credit. 

That tax credit helped bring major projects to be produced and shot in Saskatchewan, including Corner Gas and Little Mosque on the Prairie.

A study conducted by the SaskFilm and the Saskatchewan Chamber of Commerce found that from 1998 to 2012, the film industry generated a total of $514.6 million of economic activity after government expenses.

That works out to $36.7 million in annual economic activity from 1998 to 2012.

After the tax credit was slashed by the government, the province saw its film industry dry up. 

A report from 2020 by Statistics Canada showed that the operating revenue generated by film, television and video productions in Saskatchewan in 2007 was $42.2 million.

Ten years later in 2017, operating revenue had fallen to $21.3 million. 

By 2019 it had fallen to $17.2 million.

By: Alexander Quon

Continue Reading at cbc.ca.com

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