October 20, 2022

government

SASK. GOVERNMENT COMMITS $7.5M MORE TO FILM AND TV PRODUCTION

Sask. Government Commits $7.5M More to Film and TV Production

(cbc.ca)

Grant increased from $2M to $17.5M in just 1 year.

The Saskatchewan government’s is further boosting the film and television industry with an additional $7.5 million for Creative Saskatchewan’s production grant.

In the 2022-23 budget, the grant was increased from $2 million to $10 million. The additional $7.5 million, announced Thursday, puts the total commitment to the grant at $17.5 million for this year alone.

Minister of Culture Laura Ross made the announcement at the John Hopkins Regina Soundstage.

Ross said 13 projects received a portion of the initial $10-million grant.

“We know this additional investment of $7.5 million will continue this momentum, help grow our labour force, increase tourism, and support our arts and cultural sectors alongside so many other important industries.”

In August, Creative Saskatchewan and the government announced the television series King of Killersreceived $8 million of the $10 million available in the grant. It was allowed to surpass the $5-million funding threshold because the project was deemed to have a “significant impact to the local economy.”

“An investment of this calibre is estimated to result in approximately $32 million in economic activity for Saskatchewan,” said Erin Dean, CEO of Creative Saskatchewan. 

“This includes significant opportunities for Saskatchewan’s hospitality and services sector. Productions need accommodations, food and beverage services, costumes, props, skilled trades labour, legal and accounting support, and so much more.”

Ross said the province decided to up the grant because of high demand.

She said the total was allocated in just four months and that Creative Saskatchewan made the case that additional funding could build momentum and generate economic activity.

Dean said the process for receiving grant money is based on eligibility and “first-come-first-serve.”

She said projects receiving money so far include seven documentary series, a sketch comedy series, two children’s series and two dramatic series.

Dean said productions based outside of the province must partner with a local company to receive funding. 

Filmmaker and principal of Wavelength Entertainment Chris Triffo said the additional money is “just the beginning” for the industry in the province.

“There’s never been a time in my career where there’s been such a hunger for content and any jurisdiction that is open for business will get some of that content and some of that capital,” Triffo said.

Triffo said the industry needs to build its workforce in the province, but that continued investment could do so quickly.

“The hope is that there will be 140 to 150 jobs that are created throughout the year and then every year after that it should start doubling and ideally we can get into the thousands,” Triffo said.

“Some of the other jurisdictions have [40,000 to 200,000] that are working and we hope as the government continues to support the industry that we will have more and more workforce here.”

‘The future looks great,’ filmmaker says

The provincial government decided to scrap the old film employment tax credit, which provided up to 55 per cent of the labour costs in film and video productions, in 2012.

The decision forced the majority of those in the industry in the province to move to other jurisdictions.

study conducted by the SaskFilm and the Saskatchewan Chamber of Commerce found that from 1998 to 2012, the film industry generated more than $500 million in economic activity after government expenses, or more than $36 million in annual economic activity.

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. By 2019, the revenue had fallen to $17.2 million.

Ross said the benefit of the grants being provided by the government is the “money all stays here in Saskatchewan, so there isn’t any bleed off.”

Ross said the former program “was not serving the film industry as well as the program today. This is totally different.”

“It is the best time to be in Saskatchewan in the film industry,” Ross said.

Triffo was asked about the decision to eliminate the tax credit a decade ago and said he preferred to look forward.

“Nothing that can be gained looking back at that. Today is a new day and the future looks great.”

By: Adam Hunter

Continue Reading at cbc.ca

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Incentives

How To Learn About The Best Film Tax Incentives By State

How To Learn About The Best Film Tax Incentives By State

It takes a fortune to bring one film to light. Several payments will be made, including for the set, crew, cast, technology, production, and more. With so many expenses, movies run on a huge but closely-knit budget. 

One of these many film expenses is film taxes. Depending on where you are shooting the film, you will have to pay taxes to the state government for using their location and resources. However, many regions offer film tax incentives to increase film production in their state to ease the budget burden. 

Film incentives will vary for each state. Here is a look at how to find the best film tax incentives by state. 

Film Tax Incentives – What You Need To Know?

States offer film tax incentives to help tax the movie’s spending. By applying for the film incentives, you can avail a bundle of benefits such as free location, free accommodation, credit on taxes, and other help with the monetary aspects of the film. 

Since the budget of movies is usually in the millions, it can be beneficial to receive back even a small portion of the taxes you paid. Film tax incentives vary by state, location, and film budget. Some states offer more discounts or no taxation on independent and small films, while others offer incentives for hiring local talent. 

You will have to scour and enlist all the places with the film incentives suitable for a film in your budget. 

How To Find The Best Film Tax Incentives By State?

There are different types of film tax incentives by state. States offer different forms of incentives. There is mostly a minimum budget required to avail of the incentives. To find the best film tax incentives by state, you must first decide on your film type, budget, and overall production goals. 

You cannot pick the state with the highest incentive offering as you might not be eligible for it, or maybe you can’t fulfill the requirements. Moreover, the type of tax incentives matters as some of them take longer and are more complicated to process than others. 

Rebates and grants are the fastest types of tax credit. You can get these within a month or two and don’t have to file for taxes separately. Refundable and transferable tax credits take longer and have more conditions. 

So, to find the best film incentives by state, you should finalize a list of possible locations for the film, see which one offers the highest credit amount, and note the type of credit being offered. Check for any prerequisites like hiring local talent and ensure you can fulfill them. 

End Note – Which States Offer Best Film Incentives?

The best film incentives are offered by California, New York, Ohio, Illinois, Kentucky, Oklahoma, Alabama, Alaska, Massachusetts, and a few more. Visit the official site of these states to find all the details on film tax credits by state. 

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