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DATE: April 14, 2015
Regulations Approved for California
Film and TV Tax Credit Program 2.0
DETAILS NOW AVAILABLE ONLINE
Regulations developed by the California Film Commission (CFC) to administer the state's newly-expanded Film and TV Tax Credit Program have been approved by the Office of Administrative Law, the agency responsible for reviewing all state agency regulations.
Available on the CFC website, the regulations outline how California's Film and TV Tax Credit Program 2.0 will be administered. Topics include:
- Application procedures
- Eligibility requirements
- Tax credit funding and allocation protocols
- Project selection and "Jobs Ratio" ranking
- Audit requirements
The CFC created the regulations for the newly-expanded program with feedback from an extensive network of entertainment industry stakeholders.
The program is aimed at retaining and attracting production jobs and economic activity across the state. It boosts California's competitiveness by more than tripling the program's size (from $100 million to $330 million annually). It also extends eligibility to include a range of project types that were previously excluded (including big-budget features films, TV pilots, and 1-hr TV series for any distribution outlet).
The new program replaces the prior lottery system with a "jobs ratio" ranking system that selects projects based on job creation and other criteria.
Other key features detailed in the regulations include: - 5% "uplift" for non-independent productions with qualified expenditures for visual effects, music scoring/track recording or filming outside the Los Angeles 30-mile zone.
- Category-specific competition - under the new program, different types of productions (e.g., TV, indie films, studio films, etc.) each have a dedicated fund of tax credits, so each project competes directly against comparable (or "like") projects.
- An all-new, all-online application process
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APPLICATION DATES:
May 11-17, 2015 - Non-independent TV projects only: - $55.2 million in tax credits available for New TV series, TV pilots, MOWs, and Mini-series for any distribution transmission
- $27.6 million in credits available for Relocating TV Series
July 13-25, 2015: Independent Projects and all Feature Films:- $40.25 million in tax credits available for feature films
- $5.75 million available for independent projects
Credit allocations for these first two application periods will be issued on or after July 1, 2015; principal photography may not begin prior to receiving a credit allocation.
Winter 2015: Application period for ALL project types. (Date TBA)________________________________________________ DETAILS NOW AVAILABLE ONLINE The informational documents listed below are available on the CFC website. Due to the new parameters of the California Film and TV Tax Credit Program 2.0, it is strongly advised that applicants review each document prior to project budgeting and scheduling. Check the California Film Commission website for soon to be announced workshops and webinars. |
