Venezuela has the largest proven oil reserves in the world. It was once so rich that Concorde used to fly from Caracas to Paris. But in the last three years its economy has collapsed. Hunger has gripped the nation for years. Now, it’s killing people and animals that are dying of starvation. The Venezuelan government knows, but won’t admit it!!! Four in five Venezuelans live in poverty. People queue for hours to buy food. Much of the time they go without. People are also dying from a lack of medicines. Inflation is at 82,766% and there are warnings it could exceed one million per cent by the end of this year. Venezuelans are trying to get out. The UN says 2.3 million people have fled the country - 7% of the population.

Tuesday, May 31, 2011

Incentives Update May 21st 2011

MICHIGAN REDUX

The Michigan Senate has approved a ceiling of $10 million, considerably less than the $25 million in the Governor's proposed budget, but more than the zero amount approved by the House. The Michigan Film Office says that this eliminates the incentives program from the tax code, which will allow it to now be part of an appropriations process. The Governor is proceeding with his plan to allocate $25 million from a tobacco settlement fund. Meanwhile, legislation was introduced last week to leave the program largely intact, but change the amount to a negotiated figure between 10% and (up to) 40%. Stay tuned.

UTAH

The Governor has signed legislation that raises the incentive (rebate or refundable credit) to 25%. The Legislature also approved an ongoing tax credit fund of $6.8 million for the Motion Picture Incentive Fund (MPIF).

FLORIDA

New legislation has been passed (but not yet signed by the Governor) that will make some changes to the successful Florida program, including $12 million in additional tax credits for the last three fiscal years of the program. A 5% bonus for shooting in underutilized locations has been added; another 5% can be added if using a "Qualified production facility". There is a bonus for hiring students or recent film school graduates; however, in no event can tax credit awards exceed 30% of the Florida qualified spend.

Unfortunately, there are now some complicated restrictions that could make television series production, difficult - if not impossible. Hopefully, these concerns will be resolved prior to the Governor signing the new legislation, as Florida is an important production center, with a good incentives program.

MARYLAND
The Governor signed new legislation on May19, 2011, which provides a refundable tax credit of 25% (27% for television) of qualified expenses. $7,500,000 is available per fiscal year, with any unused amounts carrying forward to the next year.

WASHINGTON STATE

The Washington House has approved legislation to extend the incentives program past its sunset date of July, 2011. The measure now goes to the Senate. Washington offers a 30% cash rebate, with $3.5 million appropriated each year.


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