In 2014, Governor Jerry Brown signed a bill expanding California’s film production tax credit program. That bill went into effect last year. And it is already having a big effect in Los Angeles.
Film production in Los Angeles during the first quarter of 2016 increased over 11% from the same period last year. This is great news for the film industry in Los Angeles, which had seen declining production levels during the past two decades as other states and countries implemented generous tax credit programs to lure motion picture productions away from Hollywood.
California’s newly-expanded tax credit program, as well as the tax credit programs available in other states, can have a tremendous impact stretching the typically-tight budgets of independent motion picture productions. Tax credits, together with guild programs that facilitate low budget productions and other available incentives, have the potential to make or break a small production.
If you are interested in learning more about becoming eligible and applying for tax credits in any state or country, contact an attorney with expertise in film production financing.