During a formal ceremony this morning at the TCL Chinese Theatre in Hollywood, California Gov. Edmund G. Brown Jr. signed a bill into law that more than triples funding for the state’s Film & TV Tax Credit to $330 million a year for five years beginning with fiscal year 2015-’16. The current film tax credit allows the California Film Commission to allocate up to $100 million of income tax credits a year to limited kinds of productions made in California. A lottery is used to award the credit. The new tax credit program eliminates the lottery system and applicants will instead be ranked according to the net number of new jobs created and overall positive economic impact for the entire state.
The new tax credit pool funds will be divided among different categories of production with the breakdown being: 40 percent for pilots, miniseries, telefilms, and new and recurring television series; 20 percent for relocating TV series; 35 percent for theatrical features; and five percent for indie films. Big budget features and new one-hour dramatic series will qualify for the expanded California incentives program for the first time. For example on the theatrical film front, whereas the incentives presently apply to only those features with a budget of $75 million or less, that cap will be eliminated under the new program. Feature films of any size budget will become eligible and may qualify for up to the first $100 million of qualified expenditures for the tax credit.
The tax credit generally ranges from 20 to 25 percent of qualifying expenditures. In some instances, contributing to the maximum 25 percent tax credit is an additional five percent “uplift credit” which can be attained under certain conditions such as: out-of-zone lensing (located outside the so-called core 30-mile studio zone, applicable only to qualified projects eligible for the base 20 percent credit); and certain visual effects projects. For the latter, VFX work must represent at least 75 percent of the VFX budget or a minimum of $10 million in qualified VFX expenditures incurred in California.
Los Angeles Mayor Eric Garcetti predicted that once it takes hold, the expanded California Film & TV Tax Credit would translate to 10,000 film industry-related jobs returning to the L.A. region.
The California Film Commission is currently developing regulations, program guidelines and other procedures to administer the newly expanded tax credit program.
Juliette Welfling Takes On A Musical, A Crime Thriller, Comedy and Drama In “Emelia Pérez”
Editor Juliette Welfling has a track record of close-knit, heartfelt collaboration with writer-director Jacques Audiard, a four-time BAFTA Award nominee for Best Film not in the English Language--starting with The Beat That My Heart Skipped in 2006, then A Prophet in 2010, Rust and Bone in 2013, and Dheepan in 2017. He won for The Beat That My Heart Skipped and A Prophet.
Welfling cut three of those features: A Prophet, Rust and Bone, and Dheepan. And that shared filmography has since grown to most recently include Emelia Pérez, the Oscar buzz-worthy film from Netflix. Welfling herself is not stranger to Academy Award banter. In fact, she earned a Best Achievement in Film Editing Oscar nomination in 2008 for director Julian Schnabel’s The Diving Bell and the Butterfly.
Emelia Pérez is a hybrid musical/drama/thriller which introduces us to a talented but undervalued lawyer named Rita (portrayed by Zoe Saldana) who receives a lucrative offer out of the blue from a feared drug cartel boss who’s looking to retire from his sordid business and disappear forever by becoming the woman he’s always dreamt of being (Karla Sofía Gascón in a dual role as Manitas Del Monte/Emilia Pérez). Rita helps pull this off, orchestrating the faked death of Del Monte who leaves behind a widow (Jessi, played by Selena Gomez) and kids. While living comfortably and contently in her/their new identity, Pérez misses the children. Pérez once again enlists Rita--this time to return to family life, reuniting with the kids by pretending to be their aunt, the sister of Del Monte. Now as an aunt, Pérez winds up adopting a more altruistic bent professionally,... Read More