Last week Gov. George E. Pataki (R-N.Y.) vetoed more than $2 billion in tax cuts and spending in the proposed New York State budget that the legislature had passed for fiscal year 2006-’07. The veto puts the governor and both houses at odds, with initial reports that when it reconvenes on April 24, the legislature may elect to override the veto. It would take a two-thirds vote by legislators for an override.
Among the programs placed in a holding pattern due to what’s shaping up as a showdown between Gov. Pataki and the legislature is an initiative providing $7 million in funding for newly created tax credits specifically designed to help the State of New York keep and attract more commercial production.
Though the governor is not believed to be opposed to the pro-commercialmaking measure, his veto–based on objections to other state budget provisions which he deemed unconstitutional–now puts the ad industry in a wait-and-see position to see what comes out of what figures to be spirited behind-the-scenes political wrangling.
The state’s proposed commercial production tax credit program consists of three prime components:
A growth credit provision designed to encourage companies to increase the amount of business they bring to the state by providing a refundable tax credit of 20 percent of qualifying production costs solely on newly generated business. The amount would be based on the difference between the total qualified production costs of the current year and the total amount of production costs of the preceding year. The growth credit would be funded by $3 million of the aforementioned $7 million total.
A downstate jobs credit which addresses the misconception about the commercials industry that there is a fixed amount of work that will occur in a certain location regardless of economic circumstances. This is clearly not the case in that every spot lensing job is considered up for grabs prior to being filmed. The rationale for this downstate jobs credit is that it’s important not to take this business for granted and to make efforts to retain the existing share of work that is currently being produced in New York. For this provision, $3 million in annual funding would be apportioned for eligible commercial production companies that conduct filming activities within the Metropolitan Commuter Transportation District. The jobs credit is five percent of the total production costs that exceed $500,000 and would be distributed on a first come, first served basis.
And an upstate jobs credit which recognizes that spot production regularly occurs outside major metropolitan areas that are considered traditional production centers. This incentive component provides $1 million annually to all eligible commercial production houses that participate in filming activity outside the Metropolitan Commuter Transportation District. This jobs credit would be five percent of the total production costs that exceed $200,000 and would be distributed on a first come, first served basis.
Furthermore, if passed, the state program targeting commercials would likely trigger a companion program in New York City. Gotham would put 50 cents to the dollar on what the state spends for its spot financial incentives. This would amount to a $3.5 million fund for tax credits to encourage commercialmaking in New York City.
The city tax credits are subject to New York City Council approval. There is precedent for this matching municipal initiative in that the state credits for theatrical features and TV programs–which were passed in 2004 under the Empire State Film Production Credit measure–also garnered a companion program funded by New York City.
Amazon MGM Takes Creative Reins of James Bond, Ending An Era Of Family Control
In a James Bond shakeup that stirred the film industry, Amazon MGM announced Thursday that the studio has taken the creative reins of the 007 franchise after decades of family control. Longtime Bond custodians Michael G. Wilson and Barbara Broccoli said they would be stepping back.
Amazon MGM Studios, Wilson and Broccoli formed a new joint venture in which they will co-own James Bond intellectual property rights — but Amazon MGM will have creative control.
Financial terms weren't disclosed. The deal is expected to close sometime this year.
"With my 007 career spanning nearly 60 incredible years, I am stepping back from producing the James Bond films to focus on art and charitable projects," Wilson said in a statement. "Therefore, Barbara and I agree, it is time for our trusted partner, Amazon MGM Studios, to lead James Bond into the future."
Amazon bought MGM Studios in 2022 for $6.1 billion, a purchase that was significantly motivated by the acquisition of one of the movies' most beloved and long-running franchises. Since the Daniel Craig era of 007 concluded with 2021's "No Time to Die," Broccoli and Wilson have reportedly clashed with Amazon MGM over the direction of Bond.
The announcement Thursday means that for the first time in the more than half a century of Bond, a Broccoli won't be greenlighting the next 007 film, or picking who inherits his tux. Amazon MGM also anticipates expanding the franchise beyond movies.
"We are grateful to the late Albert R. Broccoli and Harry Saltzman for bringing James Bond to movie theaters around the world, and to Michael G. Wilson and Barbara Broccoli for their unyielding dedication and their role in continuing the legacy of the franchise that is cherished by legions of fans... Read More