The California Film Commission announced that it is currently developing regulations and procedures to administer the state’s newly expanded Film and TV Tax Credit Program. The new program will replace the original lottery-based program, which will end this fiscal year with the final tax credit lottery on April 1, 2015.
When the protocols for the new program are finalized, the CFC plans to conduct workshops and webinars to explain the new online application and ranking system.
The old program has been successful in attracting and retaining various types of productions – especially television series. Many of these series currently in the program will be returning for an additional season of production and will continue in the program.
The existing regulations require the CFC to reserve credits for renewed TV series prior to the lottery. Otherwise, projects will be selected based on old eligibility rules; however, the commission reported that “it is likely that a substantial portion of the tax credits for this year’s lottery will be reserved in-advance to accommodate those returning TV series. This means fewer credits will be available for new productions and the final tax credit lottery will not be open to studio projects (i.e., those produced by publicly-traded companies). Only independent projects may submit an application for April’s final lottery.”
As in prior years, $10 million in tax credits will be reserved for independent projects. Credit allocations will be issued starting July 1, 2015. Principal photography may not begin prior to receiving a credit allocation.
Next year, projects will be selected via a new competitive ranking system based on jobs and other criteria.
For more information visit: www.film.ca.gov/incentives