07/09/2020 | News release | Distributed by Public on 07/10/2020 17:45
The Regulations developed by the California Film Commission (CFC) to administer the state's renewed Film and TV Tax Credit Program 3.0 were approved by the Office of Administrative Law, the agency responsible for reviewing all state agency regulations, effective July 1, 2020.
The CFC created the regulations for the renewed 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 extending the program through year 2025. The new program will continue to utilize the jobs ratio ranking system that selects projects based on job creation and other criteria. Other key features detailed in the regulations include:
TV PROJECTS* (Recurring TV and Relocating TV Series)
* New TV applications will not be accepted during this application window.
FEATURE FILMS (Independents and Non-Independents)
Non-Independent Films(Non-Transferable Tax Credit): Credit will apply to a maximum qualified spend of $100 million (no total budget cap).
Independent Films(Transferable Tax Credit): Credit will apply to a maximum qualified spend of $10 million (no total budget cap). An Independent Film means a film with a minimum production budget of $1,000,000 that is produced by a company that is not publicly traded and that publicly traded companies do not own more than 25% of the producing company. While there is no budget cap, credits apply only to the first $10,000,000 of qualified expenditures. An independent film must have a running time of at least 75 minutes and be intended for commercial distribution to a motion picture theater, home video, television or via the internet. Independent films may be made-for-television movies, but cannot be mini-series or TV series, due to the running time requirement.
The portal will go live Monday, July 13, 2020 at 8am and close on Wednesday, July 15, 2020 at 5pm.
The California Film Commission website provides updated informational documents and video tutorials to assist tax credit applicants during the application process. Applicants are strongly advised to review each resource prior to project budgeting and scheduling.
Tax Credit Program Video Tutorials
Tax Credit Program Helpful Tools