The California Film Commission has released its annual report on how effective the state’s tax credit program has been at keeping film and television production in the state.
It’s been quite effective, according to the CFC’s executive director, Amy Lemisch, whose office administers the program.
“I’m extremely pleased with the way it’s going,” Lemisch said. “We’ve seen increases in employment. We’re hearing from all the different soundstage facilities about how busy they are. I hear from crew people all the time. So we’re definitely seeing the results of an increase in production, which was exactly what the program was intended to do, and it seems to be working.”
The new report is the first to include data from a full fiscal year (July 2016 through June 2017) of funding at $330 million in available tax credits. That’s actually the second year of the improved program, dubbed 2.0. The previous, first year of 2.0 only had $230 million to offer; the other $100 million went to fund the seventh and final year of the $100 million per annum 1.0 program, which the more generous, reliable and better-targeted 2.0 replaced in 2015.
Fiscal year 2015-16 wound up allocating $173 million of its $230 million in credits to 47 film and TV projects that shot primarily or entirely in California, and which generated a total statewide expenditure estimated at $1.3 billion. The fully funded second year, which was also able to access the $57 million not used in year one, allocated $339 million to 64 projects that are expected to spend $2.4 billion in California. The 1.0 approach generated $5.35 billion in spending over its seven-year span, while doling out around $667 million in tax credits.
See more at Mercury News.