The California Film Commission was flooded with applications for the state’s film and TV tax credit.
The commission, which administers the state’s film and tax tax credit program, said 322 projects had applied for the credit by the deadline at 3 p.m. Friday. That’s compared with 176 projects submitted a year ago.
“We were surprised by the volume of applications,” said Amy Lemisch, executive director of the California Film Commission. “Clearly, demand exceeds supply.”
Each summer, California allocates $100 million annually toward the program, which offers tax credits of between 20% to 25% toward qualified production expenses, such as the salaries paid to crew members. Companies can use the credits to offset any state tax liability they may have (credits for independently produced films with budgets under $10 million can be sold).
-- Richard Verrier, Los Angeles Times