Michael Mann’s Heat 2 and the latest Jumanji film are part of a new wave of movie projects benefiting from California’s expanded entertainment tax credit program. This initiative aims to stimulate Hollywood production after a significant downturn.
California’s film commission recently announced that 52 films will receive $334 million in tax credits. This funding is expected to boost local businesses and create nearly 8,900 jobs in the industry, with most of the filming happening in Los Angeles, which is facing record low production levels.
Interestingly, this year saw a surge in interest, with double the number of requests for tax credits compared to last year. Changes to the program include increasing the total cap from $330 million to $750 million and ensuring a flexible 35% base credit for independent films.
Colleen Bell, executive director of the California Film Commission, pointed out that without these incentives, many of these projects would not have chosen California as a filming location. “We’ve been losing our edge in entertainment production, but now we have a chance to bring it back,” she stated.
Among the notable projects getting credits are Blumhouse’s Sunday and Netflix’s The Fifth Wheel. Collectively, these productions are set to spend around $340 million and take about 296 shooting days, which highlights the potential for economic recovery following a challenging period for the film industry.
Director Jake Kasdan of Jumanji expressed excitement about returning to California, emphasizing the jobs and revenue that will come with it. “This is a crucial time for our industry,” said Tom Rothman, CEO of Sony Pictures.
Recent reports confirm a troubling trend: Los Angeles hit another production low from July to September. The budget-friendly films also slated for support include titles like Epiphany and A Tree is Blue. This shift not only supports larger franchises but also nurtures independent filmmakers, enhancing California’s reputation as a filmmaking hub.
Interestingly, there’s a growing trend of productions looking to film outside Los Angeles, as some areas offer additional financial perks. This new round of projects is expected to generate a record number of shooting days outside L.A.
Bell summarized the significance of this moment: “With 52 new projects, we’re seeing storytelling thrive again, creating jobs and supporting local businesses.” This isn’t just about recovering; it’s about redefining the film industry in California.
For more on California’s film subsidies and their impact, you might find the FilmLA report insightful.
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Film and TV Tax Credits
