Recent News

Ravamped Film Tax Credit Expected To Creat Mountain State Movie Mecca

(wvnews.com)

 

WV Film Office managers say West Virginia has got a story to tell with its mountains and its people. They want to share that with the world, on film.

After repealing state filming policies in 2018 that failed to provide a positive return on investment, the Office of Economic Development has re-established the WV Film Office with a revamped State Film Tax Credit now in play.

Randy Yohe talked with state business development manager Meghan Smith and workforce developer Dave Lavender. They say film production companies bringing in new revenues and jobs may soon be calling out lights, camera, action — at a location near you.

Randy: How does the tax credit work, Meghan?

Smith: When a production company comes to West Virginia, they would be eligible, depending on certain parameters in state code, to get back up to 31% of direct expenditures in West Virginia. There is a base of 27% of those direct expenditures but there’s also a possibility of getting extra percentage points. So they can get up to 31% if they hired 10 or more West Virginia residents full time as part of that production.

Randy: Are there already projects in the West Virginia Film Office pipeline?

Smith: There’s a lot of interest. We’ve seen projects that will be on Lifetime, projects that will be on Fox Nation. Last week, we had the opportunity to talk to folks at the Motion Pictures Association. Folks were on that call from HBO, Paramount, Disney, Netflix. It’s something really special and something that has a lot of momentum right now. And that is not going to stop anytime soon.

Randy: The film tax credit has no cap and it’s transferable and sellable. What does that mean? And how do those two points give West Virginia a competitive advantage over other states already rolling with their film offices.

Smith: No cap on the credits is a big deal. It’s very attractive to production companies. It also makes us more competitive, because some of our surrounding states like Maryland and Pennsylvania, do have caps on their credit. So what happens is with production companies, those states may run out of credits, and then they look immediately to West Virginia, because we have the ability to not only accommodate their production, we can also double as Maryland if we need to or double as Pennsylvania, the geography and the landscape can be similar, but we also have a lot of really great and unique locations.

The companies can use those credits against their corporate net income or personal income taxes. They often have the ability to sell those to a third party or someone else so they can get a good return on their investment.

Randy: Describe an eligible project.

Smith: To be eligible, a project would need to have at least $50,000 in direct expenditures in West Virginia; it can be a feature length film, it can be a TV series, TV pilot program, anything like that. As long as they’re distributed in at least one other state than West Virginia. We’re really looking for impactful significant projects that are going to be seen beyond the Mountain State.

Randy: You have 5,000 locations already charted in West Virginia? What would be an example Dave of some of those locations?

Lavender: Randy, somebody said, either be first, best or original, and definitely West Virginia’s original. And that’s what Hollywood is looking for — some of these original locations. Places like the Trans-Allegheny Asylum, Moundsville Prison, these are kind of amazing places to film. Places in each corner of the state. But anything can be a location. As Megan was alluding to, West Virginia can serve as a backdrop for Maryland or Pennsylvania. We’re really a geographical chameleon.

Randy: Talk about the expected community economic benefits that are expected from West Virginia film productions.

Lavender: Most shoots are probably more than a few days, and sometimes weeks and can be into months and all of that money is circulating in your community. People need places to stay, they need catering, they need costuming, they may need horses, they may need classic cars.

The film industry is one of those really interesting, economic octopi, its tentacles go way out into a community and touch a lot of different parts that you wouldn’t necessarily think would be. And so that’s the exciting, immediate economic benefit.

Lavender: And of course, putting people to work. Last year, according to the Motion Pictures Association, we had $120 million in wages, just with eight TV series here in West Virginia, stuff like Barnwood Builders. And that was equivalent to 1,980 jobs directly. And then 3,880 jobs, indirect, like the service providers that I was talking about.

We’re hoping to really bring in a lot more folks to West Virginia, because we think that West Virginia has got a story to tell with its mountains and its people, and we want to share that with the world.

Smith: We have a really great tool on our newly launched webpage that allows productions and companies to look at the various locations around West Virginia. Folks in the industry here can even upload their own locations, as well as search through the crew and services directory. That’s all at westvirginia.gov/wvfilm.

By: Randy Yohe

Continue Reading at wvnews.com

As Washington County Joins Film Ready Utah Communities, Economic Possibilities Abound

(stgeorgeutah.com)

 

T. GEORGE — Lights. Camera. Film Ready Utah!

Washington County has a new designation as one of the state’s Film Ready Utah communities. And the Greater Zion Convention and Tourism Office officials say this film initiative will help the Southern Utah economy and the local university.

“We would like to see the film industry grow in Washington County for a number of reasons,” said Joyce Kelly, international marketing manager for the Greater Zion Convention and Tourism Office. “This would grow local jobs, contribute to our local economy and support our Film School at Utah Tech, educate and retain students.”

The Utah Film Commission’s Marketing and Communications Manager, Christina Martin, recently announced the Film Ready Utah program. The communities that receive this designation are prepared to support productions filming in their area with access to locations, professional crews and vendors. 

Other areas awarded this title include Film Kanab, Moab to Monument Valley Film Commission, Visit Ogden, Park City Film Commission, Explore Utah Valley, and Salt Lake City. Other communities joining Film Ready in October include Box Elder, Cache, Carbon, Davis, Emery, Garfield, Heber Valley, Juab, San Juan, Tooele, Uintah, Washington and Wayne counties.

Martin said her office is working with local areas to obtain a Film Ready Utah certification to ensure they are prepared to receive production inquiries. The sites must also have a collection of film-friendly locations listed in the Utah Film Locations Database available at this link. 

“Iron County is currently working on their certification and we hope to announce them as a Film Ready Utah community in the future,” Martin said. 

The Greater Zion Convention and Tourism Office has supported the film industry in the past in Washington county and said they are optimistic about Film Ready Utah.

“The film industry will not only contribute to our local economy, but it will also assist in building up our film school in order to educate and retain future filmmakers and industry workers,” Kelly said. 

In the past, the Greater Zion office has assisted film, television and commercial productions. Presently, one potential movie scouting location in Southern Utah is “Horizon: An American Saga,” Kevin Costner’s period Western. Kelly said if there are any other productions on any scale being considered, she is unaware of them.

“I can tell you that the ‘Horizon’ production is currently scouting locations in Washington County, but nothing is final at the moment,” Kelly said.

And if they do decide to film this production in Washington County, she said the potential financial benefits would include:

• 60-80 filming days in Washington County
• Over $100 million in regional spending
• 8,000-10,000 hotel room nights
•  Substantial crew expenditures in local restaurants, shopping, entertainment and numerous other community businesses
• Residents to be employed and trained by Academy Award-winning crew and industry professionals
• Establishing precedent for future filmmaking infrastructure
• Support for Utah Tech University
• Possible tangibles ranging from land improvements to international publicity

The Utah Film Commission has been coordinating with city and county officials to enable more rural areas to support production filming in their regions. The Film Ready Utah designation provides a local support network and access to resources and signals to the film industry that these communities are ready to support their work.

The Film and Media Alliance of Southern Utah, based in St. George, said plenty of people could staff major productions in Washington County. They are working on a database of crew and resources for filmmakers. The nonprofit’s mission is to inspire and nurture Southern Utah-based filmmaking talent of various skill levels by way of a series of events.

“We want more film activity here in town and we think it’s a great area for it,” said John Pugh, co-founder of Film and Media Alliance of Southern Utah and Film Festival director John Pugh said. 

Pugh added that both Utah Tech and Southern Utah universities have excellent film programs and students and graduates are ready to work on films. 

Plus, he said, some professionals in the community continue to work for studios in Los Angeles but choose to live in Southern Utah. 

“I think it’d be nice to see more within this community who are in filmmaking step forward and speak up and say that they want to see, ” Pugh said. 

Also, he suggests that Washington County be included more when the state film commission discusses films coming to Utah. Pugh said he feels this area sometimes “gets lost in the shuffle because we’re down here on the outskirts.”

“Utah’s film industry is expanding to every corner of our state,” Virginia Pearce, director of the Utah Film Commission, said in an email to St. George News. “The Film Ready Utah program gives rural communities resources to match local businesses and unique locations with production-related needs.”

The Utah Film Commission has brought local jobs and economies since 1974. The commission started promoting Utah as a film, television and commercial production destination. Pearce said the impact on the state of Utah’s Motion Picture Incentive Program is $463 million in economic impact. Over the last 10 years, it also created more than 34,600 production jobs across the state.

The Utah Legislature approved a new targeted rural film tax credit during its 2022 season. And Pearce said that the Film Ready Utah program expands economic opportunities throughout the state.

About the Utah Film Commission

The commission is a program of the Governor’s Office of Economic Opportunity. The Utah Film Commission markets the entire state as a destination for film, television and commercial production by promoting the use of professional local crew and talent. Also, the commission highlights support services, Utah locations and the Motion Picture Incentive Program. The office also serves as a liaison to the film industry, facilitating production needs across the state.

According to a press release, thousands of productions have been filmed in Utah, including “Butch Cassidy and the Sundance Kid,” “Thelma and Louise” and “127 Hours.” Many episodic series have also been filmed in Utah, such as “Yellowstone,” “High School Musical” and “Westworld.”

 Click here to explore all that Film Ready Utah communities offer.

For other film industry job opportunities in Utah, click here.

To learn how a community can take part in the Film Ready Utah program, contact the Utah Film Commission at film@utah.gov. 

By: Stephanie DeGraw

Continue Reading at stgeorgeutah.com

Korean Firms Worry About Losing U.S. Tax Credits Under Inflation Reduction Act

(upi.com)

 

SEOUL, Oct. 7 (UPI) — U.S. President Joe Biden sent a letter to his South Korean counterpart, Yoon Suk-yeol, pledging to continue talks on the U.S. Inflation Reduction Act, according to Korea’s presidential office.

Kim Eun-hye, Seoul’s senior presidential secretary for press affairs, said Biden’s message referred to the discussion the two countries had on the impact the IRA was having on Korean businesses.

“President Biden’s letter was the result of the several meetings the two leaders had in New York and London last month to discuss the IRA,” Kim said in a Wednesday press conference.

“He wrote that he understood the worries that Korean businesses had, also noting the positive roles they played. We believe it could be an indication of his willingness to take into consideration the difficulties the Korean companies are facing,” she said. RELATED Chilling Korean Netflix series ‘Somebody’ debuts at Busan Film Festival

Under the guidelines of the IRA, signed by Biden in August, electric vehicles must be assembled in North America to qualify for tax credits.

The new act became an instant headache for Korean automakers like Hyundai Motor and Kia because many of their electric cars no longer qualified for the tax credit with most of them being assembled in Korea.ADVERTISEMENT

The new law went into effect in mid-August and Hyundai said the U.S. sales of its popular electric vehicle Ioniq 5 in dropped 14% in September from the previous month. During the same period, sales of Kia’s EV6 dipped even further at 22%. RELATED U.S., S. Korea, Japan hold defense exercises amid rising tensions on peninsula

While Hyundai Motor has plans to begin assembling electric vehicles in Georgia beginning in 2025, Kia has no such plans for North America.

Things are complicated for Korean battery makers, as well, which already have factories in the United States. Their heavy dependence on China-sourced components could also disqualify them for tax credit.

As a result, the battery makers have already begun to diversify supply chains. For example, the world’s No. 2, LG Energy Solution, has signed three MOUs with Canadian suppliers to augment the lithium and cobalt supply chain in North America last month. RELATED IMF presents ‘darkening outlook’ for global economy

Meanwhile, its cross-city rival SK On signed with Australia’s Global Lithium Resources to receive stable supplies of lithium, one of the most crucial elements in making electric car batteries.

For renewable energy companies, on the other hand, the IRA has had the effect of erasing policy uncertainties, according to Samil PwC. Korea’s leading accounting firm also expected Korean steel mills to benefit from the act.

Observers expect the Biden administration to eventually come up with some remedies that could soften the impact of IRA.

“Even U.S. automakers could suffer from the new act if they have to use Korean batteries assembled outside the United States,” Daelim University automotive Professor Kim Pil-soo said.

“Besides, various Korean carmakers and battery manufacturers are set to make big investments in the United States. I don’t think the Biden administration would want to discourage them with the IRA,” he said.

By: Cho Chae-won & Kim Tae-Gyu

Continue Reading at upi.com

Federal Food Assistance And The State’s Film Office Is Back In Action On This West Virginia Morning

(wvpublic.org)

On this West Virginia Morning, Randy Yohe talks with state business development manager Meghan Smith and workforce developer Dave Lavender about the re-established West Virginia Film Office and revamped Film Tax Credit. They say film production companies bringing new revenues and jobs may soon be calling out lights, camera, action.

Also, in this show, some West Virginia residents who rely on federal assistance to pay for food could soon have to prove they’re working in order to receive benefits. Amelia Knisely has the story.

West Virginia Morning is a production of West Virginia Public Broadcasting which is solely responsible for its content.

Support for our news bureaus comes from West Virginia University, Concord University, and Shepherd University.

Listen to West Virginia Morning weekdays at 7:43 a.m. on WVPB Radio or subscribe to the podcast and never miss an episode. #WVMorning

By: WV Public

Continue Reading at wvpublic.com

SXSW’s Pierson Steps Down After 15 Years Leading Film Fest

(bloomberg.com)

 

New York (AP) — After 15 years running SXSW’s film festival, director Janet Pierson is stepping down. Her longtime deputy, Claudette Godfrey, will take over leading the annual Austin, Texas, gathering, one of America’s premier film festivals.

SXSW announced the change Wednesday, saying that Pierson, a longtime champion of independent film, will shift to a director emeritus role. That will include serving as a programmer at the next SXSW Film & TV Festival in March 2023. In a statement, Pierson called her years at SXSW “a wonderful and quite unexpected adventure.”

“It’s been glorious to present so much great work at our unique event, yielding so many transformative experiences for creators and audience alike,” said Pierson. “I’m intensely proud of the work our small and very mighty team has accomplished.”

Since taking the reins of film at SXSW in 2008, Pierson had helped develop the festival as a major destination for independent film and genre movies. Films like “Bridesmaids,” “The Cabin in the Woods” and, earlier this year, “Everything Everywhere All at Once” have debuted at SXSW. Filmmakers like Lena Dunham, Joe Swanberg and Paul Feig have been regularly celebrated at the festival.

In the last few years, Pierson helped steer the festival through the pandemic, including a canceled 2020 edition, a virtual 2021 festival and an in-person comeback SXSW earlier this year.

Godfrey has been with the festival since first serving as a volunteer crew manager in 2006. Three years later, she became coordinator of the festival.

By: Jake Coyle

Continue Reading at bloomberg.com