Recent News

More Movies Could Soon be Filmed in Wa As Inslee Oks Film Incentives Passed by Legislature

(theolympian.com)

Legislation to incentivize more movie production in Washington state was signed into law last week, increasing tax breaks for those looking to film in the state from $3.5 million to $15 million annually. The Motion Picture Competitiveness Program is run by a non-profit organization called Washington Filmworks whose “mission is to create economic development opportunities by building and enhancing the competitiveness, profile and sustainability of Washington State’s film industry.” Gov. Jay Inslee signed the bill into law March 31.

In addition to the business and operating taxes that Washington Filmworks can now award, it also increases B&O tax credit limits for individuals to $1 million annually, up from $750,000 per year. Provisions in the bill aim to draw more film production to rural areas by committing 20 percent of funding to prospective filmmakers who wish to make movies in those places. Another 20 percent will be set aside for films about marginalized communities.

By: Shauna Sowersby

Continue Reading at theolympian.com

#koinfetti Announces New NFT-Independent Film Financing Site – Popkoin.com

(einnews.com)

#koinfetti ANNOUNCES NEW NFT-INDEPENDENT FILM FINANCING SITE POPKOIN.COM Special NFT Collections Will Be Sold On KOINFETTI; Independent Films Will Be FinancedPOPKOIN marries the innovation of NFTs with the creative talents of independent filmmakers. Furthermore, the NFTS to be sold by the KOINCESSION STAND, will stand out from the crowd of other NFTs.”— Peter Sordjan – FounderFORT LAUDERDALE, FL, USA, April 5, 2022 /EINPresswire.com/ — KOIN MARKETPLACE, LLC (“KOINFETTI”), the NFT marketplace of the cryptocurrency (xKN), KOIN, announced today the launch of a transformative new affiliated Web site, POPKOIN.com, which, through its KOINCESSION STAND, will sell special NFT collections on KOINFETTI and will finance independent films.

POPKOIN.com will sell two kinds of NFT collections, KERNELS and POPKOIN TUBS, with the first NFT

drops of each in April 2022. Each KERNEL collection, available through POPKOIN, will be associated with a particular independent film. Purchasers of KERNELS will own the NFTs, and POPKOIN will finance the film from net proceeds to POPKOIN. Prior to the release of the film, the KERNELS will “POP,” meaning that holders of the KERNELS, at that time, will have the option either to “burn” (redeem) the KERNELS in exchange for a percentage of POPKOIN’s share of revenues from the exploitation of the film or to retain the KERNELS, which holders then can continue to consume, including through secondary sales.

POPKOIN will use a portion of the net revenues from sales of POPKOIN TUBS to finance one or more films on the slate of films funded by POPKOIN; holders of POPKOIN TUBS, at the time of distribution of revenues from the exploitation of each film, will be eligible to receive, from #popkoin, as a reward, a percentage of POPKOIN’S revenues from each such film.

POPKOIN will be reserving up to 20% of royalties from secondary sales to share on a pro rata basis with purchasers of NFTs from the KOINCESSION STAND, as a reward.

Independent filmmakers can submit projects for NFT collections and financing by POPKOIN by going to the SCREENING ROOM on POPKOIN.com.

POPKOIN also, in the near future, will be launching PKNGAME (POPKOIN GAME), a game in which thousands of prizes, including many NFTs and special access—even participation—in films financed by POPKOIN, can be won.

About KOIN MARKETPLACE, LLC:
KOIN MARKETPLACE, LLC is a Florida company that provides a different and innovative NFT marketplace, one with a purpose. KOINFETTI provides its members, incubators, and holders of (xKN) KOIN, its affiliated cryptocurrency, benefits and rewards and a real sense of community, keeping users engaged at all times, and does the same for its creators. The company is poised to announce many more inventive features in the very near term.

By: Koin

Continue Reading at einnews.com

2 N.J. Counties Make Pitch for More Film, Tv Productions Using State Tax Credits

(nj.com)

 

Two counties are ready to yell “action” in an effort to attract more lights and cameras to New Jersey.

The South Jersey Film Office Cooperative is launching a campaign to market the region as a premiere destination for film and television production.

The effort is fueled by a state tax credit program that could reimburse up to 35% of the costs spent on services provided by New Jersey businesses. The new office plans to work with the state’s Economic Development Authority and Motion Picture and TV Commission to help promote the development of soundstages and other permanent facilities to continue to grow the industry.

Officials say the effort will create jobs, demand for services and pride from seeing your hometown on big and little screens.

“It’s an effort to create one-stop shopping for potential film producers,” Camden County Commission Director Louis Cappelli, Jr. told NJ Advance Media. “With the tax credits available to the film industry in New Jersey, we want to take every advantage of the opportunity to attract filming here in South Jersey. “We want to try to get as many movies and TV shows produced here in order to attract new business to our communities.”

By: Bill Duhart

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Georgia Senate Drops Proposal to Cap Film Credit at $900 Million

(variety.com)

The Georgia state Senate has dropped a proposal to cap the state’s film and TV tax credit, after facing industry pushback and opposition from the state House of Representatives.

The Senate Finance Committee passed a measure on Monday that would have capped the credit at $900 million per year. The bill would also have made the credit non-transferable, meaning that studios could not sell their credits to other taxpayers.

The bill was initially scheduled for a vote on the Senate floor on Wednesday, but was withdrawn. At a hearing of the Senate Rules Committee on Thursday, the provisions relating to the film credit were removed from the legislation.

“All references to the film industry have been eliminated from this bill,” said Sen. Jeff Mullis, the chair of the Rules Committee.

The film credit soared to a record $1.2 billion in 2021, making it by far the largest film credit in the country. Sen. Chuck Hufstetler, the chair of the Finance Committee, argued at Monday’s hearing that the credit “needs limitations.”

“It just keeps growing,” Hufstetler said.

The state auditor’s office estimated that capping the credit at $900 million would save the state about $1.7 billion over the next five years. Making the credit non-transferable likely would have reduced the amount of the credit even further, though the auditor’s office was unable to estimate the effect.

House Speaker David Ralston defended the credit at a press conference on Wednesday.

“I’m not prepared to run that industry out of Georgia,” he said.

The debate over the film credit came as part of a broader proposal to slash the state’s income tax.

The House passed a measure earlier this month to establish a flat income tax of 5.25% — down from a top rate of 5.75% — and eliminate many deductions. The Senate Finance Committee proposed retaining the deductions, and lowering the rate to 4.99%, though the rate reductions would be phased in over several years, and would be dependent on revenue triggers. The Senate version also added an earned income tax credit for low-income Georgians.

Without the savings from the cap on the film credit, the Senate version of the bill becomes significantly costlier, and it is not clear how the two versions of the bill will be reconciled.

By: Gene Maddaus

Continue Reading at variety.com

Blue Fox EnteRange Media, FilmNation Ink Film Co-Production Pact

(hollywoodreporter.com)

The management and brand development shop and the indie studio behind ‘Promising Young Woman’ will collaborate on four to six movies a year.

Range Media Partners and Glen Basner’s FilmNation Entertainment have inked a wide-ranging film co-production and co-financing pact.

The agreement will enable talent at Range Media, a management and brand development shop launched in 2020, to get their films made via FilmNation’s production and sales arms. The partners will aim to produce four to six films a year, with more titles to come out of the collaboration if needed.

And that output across a range of genres and budget sizes will be shopped to an array of international buyers. “We at FilmNation are always looking for inventive ways to give the world’s most talented creators an avenue to use our powerful production, sales and finance platform, particularly as a tool to make their creative visions come to life. In partnership with the incredible and entrepreneurial team at Range, we have another great way to achieve this goal,” FilmNation CEO Glen Basner said in a statement.

There’s no word on projects to come from the film pact, but the first ones are expected to be greenlit shortly. While the indie film sector looks to find its box office footing as the pandemic wanes, industry players are searching for creative ways and partnerships to make movies.

Founded by Basner in 2008, FilmNation is known for films like Promising Young Woman, Arrival and The Big Sick, specializing in producing, financing and distributing independent films. “We are delighted to be joining forces with FilmNation as we ramp up our production capabilities. This partnership enables Range and FilmNation to independently greenlight feature films, providing our clients with a viable alternate route to studio financing,” added Oliver Riddle of Range Media Partners.

Range Media represents talent across film, TV, music and other platforms and is backed by strategic partnerships with investors Point72 Ventures and A+E Networks. FilmNation has just released Pablo Larraín’s Spencer, starring Kristen Stewart; Pedro Almodóvar’s Madres Paralelas, starring Penélope Cruz; and Graham Moore’s The Outfit, toplined by Mark Rylance.

By: Etan Vlessing

Continue Reading at hollywoodreporter.com