Vagabond extends reach to Cuba, Dominican Republic
New York-based Vagabond Production Services has expanded, launching offices in the Dominican Republic and Cuba. The new locations will be led by seasoned local production talent, tapping into their cultural expertise to assist production companies, producers and directors to facilitate shoots in the two countries. They will be equipped to handle commercial, feature, content, event and still shoots.
The decision to move into the Caribbean was spearheaded by Vagabond producer Pablo Tourrenc, who currently runs the Colombian office.
“Pablo really took the initiative and made the effort to go to the Dominican and find the right people there,” said NY and Geneva-based Vagabond EP/partner Lorenzo Benedick.
French-born, Swiss-raised and US-trained Tourrenc also led the expansion into Cuba, on the heels of the recent boost in US-Cuba relations and elimination of restrictions on the island.
Vagabond producer Javier Laiz will be managing operations in both the Dominican Republic and Cuba. With more than 15 years of experience in film production and advertising, Laiz began his career in Chile before moving to the Dominican Republic and Cuba to work in international and national production. In his new role, Laiz will be directly managing local operations on the ground to create the smoothest experience for clients.
The new locations join currently established branches in Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Peru, Switzerland, Uruguay, the U.S. and Venezuela.
Illinois reinstates deferred film tax credit approvals
Illinois Governor Bruce Rauner announced last month that he will be re-instituting the film tax credit approvals (info from Cast & Crew Entertainment Services, LLC). Initial approval of productions was deferred on June 2, in anticipation of the state’s fiscal year budget impasse. Accredited production certificates will be issued for qualifying applications affected by the deferral.
The Illinois Tax Credit is a statutory program administered by the Department of Commerce and Economic Opportunity. The accredited production certificate issued to approved applicants does not require appropriation authorization and obligates the state to pay the credit pursuant to the terms and conditions set forth in said statute and after internal and legal review of qualifying expenditures provided in the independent audit of the production.
At the completion of the project, productions have up to two years to provide the Illinois Film Office (IFO) with an audit performed by an independent CPA of all qualified expenditures. The (transferable) tax credit to the certified accredited production is issued when the audit has been verified by the IFO tax and legal team.
Pennsylvania proposes amendments to incentive program
Pennsylvania Senate Bill 1050 proposes to amend the film production tax credit program as follows (info from Cast & Crew Entertainment Services, LLC):
—Increases the funding cap from $60 million to $75 million per fiscal year (July 1 – June 30);
—Creates a post production only credit of 25% of qualified post production expenses incurred at a qualified post production facility in the state;
—Creates an additional 5% credit for post production only projects that conducts at least 50% of all qualified post production expenses at a qualified post production facility;
—Allows productions that qualify for the production tax credit to earn a 30% tax credit on any post production work in the state; and,
—Allows for a reissuance of tax credits in the amount of the difference between what a production was qualified for upon application and what a production is certified for upon completion.
New Jersey looks to re-establish film tax credits
New Jersey Assembly Bill 2474 has been amended. The bill re-establishes the film production tax credit program and includes the following (info from Cast & Crew Entertainment Services, LLC):
—Creates a transferable tax credit equal to 20% of qualified production expenditures:
—Allows for a credit equal to 22% of qualified production expenses purchased from businesses located in or for services performed by residents of an enterprise zone;
—Creates an annual cap of $50 million per fiscal year (July 1 – June 30) for the film production tax credit and $10 million per fiscal year for the digital media production tax credit;
—Creates a sunset date of July 1, 2022.
