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Minnesota film tax credit

Minnesota May Boost Film Tax Credit: A Win for Film Financing Companies

Minnesota May Boost Film Tax Credit: A Win for Film Financing Companies

March 16, 2023

Minnesota film tax credit

[startribue.com]

Minnesota may soon become an even more attractive location for filmmakers and film financing companies per a news article in the Minnesota Star Tribune by Jessie Van Berkel . Lawmakers are considering a bill that would increase the state’s film production tax credit by a staggering 400%.

Currently, the state offers a 20% tax credit for eligible production costs incurred in Minnesota, with a cap of $2 million per project. If the bill is passed, the credit would increase to 30% and the cap would increase to $4 million.

This proposed increase is a response to the recent success of filming in Minnesota. Major productions such as “Fargo” and “Mighty Ducks: Game Changers” have brought millions of dollars in revenue to the state. With the increased tax credit, more filmmakers may choose to film in Minnesota, creating new opportunities for film financing companies.

The bill has been met with enthusiasm from Minnesota’s film community, who believe that the increased tax credit will attract more filmmakers and create more jobs for those in the industry. However, some lawmakers are concerned about the cost of the increased credit, which could be up to $30 million per year.

Despite the potential cost, the benefits of the increased tax credit for film financing companies are clear. Minnesota could become a more attractive location for filmmakers, leading to increased demand for financing and investment opportunities in the industry.

In conclusion, the proposed increase in Minnesota’s film production tax credit is a positive development for film financing companies. By attracting more filmmakers to the state, Minnesota’s film industry has the potential to create new opportunities for those looking to invest in the industry.

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Berlinale logo

Berlinale’s 2023 edition panorama strand Films

Berlinale’s 2023 edition panorama strand Films

February 13, 2023

Berlinale logo

[screendaily.com]

Screendaily.com provides profiles for all of the films featured at this year’s Berlinale film festival panorama strand.

‘FEMME’

Femme (UK)
Dirs. Sam H Freeman, Ng Choon Ping
George MacKay and Nathan Stewart-­Jarrett headline this London-­set thriller, which is the debut feature for Freeman and Ping, and is based on their British Independent Film Award-winning short of the same name. Femme unspools around a young drag queen who, after suffering a homo­phobic assault, has the chance to exact revenge on one of the attackers. Myles Payne and Sam Ritzenberg produce through Agile Films, alongside co-producer Hayley Williams, with co-financing by BBC Film and Anton. The latter also represents worldwide sales.
Contact: Anton Corp

Green Night (HK)
Dir. Han Shuai
In her first starring role since being embroiled in a tax scandal in 2018, Chinese superstar Fan Bingbing (I Am Not Madame Bovary, The 355) plays a Chinese woman drawn into a thrilling escape with a mysterious girl, which becomes her only chance of breaking free from a controlling Korean husband. Lee Joo Young and Kim Young Ho co-star in the film, which was shot entirely in South Korea in spring 2022. Produced by Liu Ziyi and Wang Jing, this is the second title from Chinese director Han, whose debut Summer Blur won the Berlinale’s Generation Kplus best feature award in 2021.
Contact: Cercamon

Hello Dankness (Australia)
Dir. Soda Jerk
Sydney-born siblings Dominique and Dan Angeloro, known collectively as Soda Jerk, sit at the intersection of film and art. Hello Dankness, co-commissioned by ongoing collaborators the Adelaide Film Festival and the Samstag Museum of Art, is the second part of a political trilogy. The first, Terror Nullius, criticised Australia to the extent that one of the film’s commissioners withdrew promotional support. The duo now turn their attention to the US suburbs in this latest film, comprising hundreds of manipulated samples from Hollywood films, much like a film version of a DJ mashup. The film screened at Adelaide Film Festival in October.
Contact: Soda Jerk

By Screen Staff

Continue reading the article: Berlin 2023: Screen’s guide to the Panorama titles

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New Mexico Film Office logo

New Mexico proposes Increased Film Incentives

New Mexico proposes Increased Film Incentives

February 8, 2023

New Mexico Film Office logo

[abqjournal.com]

The Albuquerque Journal wrote a new article about Senate Bill 12 that New Mexico state Senator Nancy Rodriquez introduced to expand the state’s film incentives. The bill would bolster the 8000 jobs the film industry currently supports in New Mexico.

“The proposed legislation will also include a phased increase to the yearly cap on film credit rebates of an additional $10 million per fiscal year, bringing the total yearly cap from $110 to $210 million over the next decade.

According to the bill, the addition to the cap will adjust for steady growth and inflation in order to prevent a backlog that would begin to accrue in fiscal year 2025, ensuring New Mexico can continue to attract larger-scale productions that employ New Mexico cast and crew members.

The bill also doubles the uplift for productions outside the Albuquerque-Santa Fe county corridor to 10%.

“We have seen the economic benefit our current film incentive has had on our state, and now it’s time to make the bill even stronger, helping to grow New Mexico’s digital media ecosystem — and that includes high-paying jobs, business growth, and top-tier workforce development,” said Sen. Rodriguez.

By Adrian Gomez

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New York state logo

New York State Proposes Boost To Film Tax Credits

New York State Proposes Boost To Film Tax Credits

February 1, 2023

New York state logo

[deadline.com]

A new article at deadline.com discusses the latest New York state budget proposal that drastically increases the state’s tax credit program for film projects. The changes will attempt to lure TV and film production back to New York as other states, such as nearby New Jersey, have recently succeeded in capturing more projects through enhanced offerings.

“Under the proposal for the state’s 2024 fiscal year that starts April 1, New York would:

∙ Raise its annual cap from $420 million to $700 million.

∙ Make above-the-line wage costs eligible, with restrictions: It would cap credit at $150,000 per individual. Qualified above the line wages capped for each production at 40% of other qualified production expenses.

∙ Modify payout rules, allowing businesses to get paid sooner. Delays in payment have devalued the credit and created negative messaging around the ability of New York to pay out. The payout will now occur before the later of (1) the taxable year the production of the qualified film is complete, or (2) the taxable year for which the film has been allocated credit (versus the tax year immediately following the allocation year).

∙ Incentivize the relocation of TV series that are filming elsewhere with a 5% bump for two years. Series need to have filmed 6+ episodes in other jurisdictions before relocating to NYS. A required minimum budget of $1,000,000 per episode — intended to weed out smaller productions.

There was no change requiring a film budget of $1 million in NYC for tax credit eligibility. Filmmakers have called that a high bar in a city with deep ties to independent film, which has been going elsewhere. However, the minimum budget is only $250k north of Westchester County.

By Jill Goldsmith

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Oklahoma film office logo

Oklahoma could see more big-name movie, television productions heading to state

Oklahoma could see more big-name movie, television productions heading to state

January 17, 2023

Oklahoma film office logo

[koco.com]

A new article on koco.com discusses the growth of movie and television production in Oklahoma City, with an increasing number of productions choosing to film in the area due to its diverse locations and incentives offered by the state. The Oklahoma Film + Music Office has reported a record-breaking year for production in the state, with over $50 million in direct spending by productions. The article also mentions several specific productions that have recently filmed or are currently filming in Oklahoma City, including the Netflix series “The Outsider” and the feature film “Bad Trip.”

“Thanks to the partnership between OKC and the Chamber of Commerce, movie, television and other creative services can do business in the metro. It also creates more opportunities for filmmakers living in our communities.

 

“The film industry in general and tv production the last 25 years is really driven by incentives. So, it used to be the scenario where work is done primarily in New York or LA but that has changed. The change accelerated with the development of platforms for streaming content,” Simpson said.

 

She said now, they already have a few projects they’re working on, including a feature film and a new television series. At the end of the day, they are opening up these opportunities to filmmakers to bring more revenue to OKC.”

 

By Alexandria Williams

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