CHICAS PRODUCTIONS: Taxes

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.

Showing posts with label Taxes. Show all posts

Wednesday, November 6, 2013

Crowdfunding Sites Face Stricter Controls in U.K....

LONDON — Tighter rules governing crowd-funding platforms have been drafted in the U.K., which could hit indie pic financing.

U.K. financial regulator the Financial Conduct Authority has proposed a new regulatory regime for the platforms, which it intends to introduce in April.

It is proposed that a company operating a loan-based crowdfunding platform will need to be authorized to do so by the FCA, and so will incur extra expense and become subject to a significant number of new rules.

The changes will also hit platforms that use the investment model. The promotion of unlisted shares or debt securities will be tightly controlled. They will only be able to be offered to clients who: are certified sophisticated investors or high net worth investors; who confirm that they will receive regulated investment advice or investment management services from an FCA-authorized person; and who certify that they will not invest more than 10% of their net investible portfolio in unlisted shares or unlisted debt securities.

The new rules will also require operators of platforms to assess the suitability of investors who have not been provided with advice.

Law firm Harbottle & Lewis said Monday that if the draft rules are implemented, the need for loan-based crowdfunding platforms to be authorized by the FCA "will unavoidably increase the barriers to the market-place for operators and may mean that a number of the existing operators are not able to bear the increased costs of regulatory compliance. The changes will, however, mean that the `crowd' is better protected from platforms that fail."

The firm added: "The proposed rules that apply to investment-based platforms increase the regulatory burden on operators who will now be required to carry out more careful checks on those that invest through their platform. From the crowd's perspective, these rules will have the effect of making the process of investing more cumbersome and will restrict access to some."

The proposed rule changes will not impact platforms that follow the donation or reward model of crowdfunding, such as Kickstarter and Indiegogo. In these the crowd gives money to a company whose project or activities it wants to support, often in exchange for a reward, service or product.

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Taiwan's Cinema Owners Voice Opposition to Proposed Movie Ticket Tax...

The territory's Ministry of Culture is pushing for a 5 percent tax on all movie tickets sold, with the funds to be used to help develop the local film industry.

Taiwan's Ministry of Culture this week proposed introducing a 5 percent tax on all movie tickets sold in the territory, with the funds used to help develop the domestic film industry. The suggestion has been met with swift opposition from cinema operators, however.

Oscars: Taiwan Nominates 'Soul' for Foreign Language Category

The Ministry floated the idea during a meeting with local filmmakers and industry trade group representatives, saying it would be implemented as an amendment to the existing Motion Picture Act, which allows for the creation of a public fund to subsidize the film sector.

STORY: Ang Lee, Jia Zhangke to Lead Discussions at Taiwan's Golden Horse Festival
Minister of Culture Lung Ying-tai noted in the meeting the popularity of tax-based film funds around the world, according to local news paper the Taipei Times.
France, for example, has a long-standing 11 percent tax on movie tickets that is channeled into the film sector.

Reps for the local exhibition industry have voiced strong disapproval of the proposal. Michael Liao, chairman of a film and drama trade association in New Taipei City, said the tax would simply be passed on to consumers as a ticket price hike, which will scare away moviegoers. Liao, who is also chairman of local theater circuit Showtime Cinemas, said his company has resisted raising ticket prices for as long as a decade, despite rising utilities costs, for fear of alienating consumers.

STORY: Oscars: Taiwan Nominates 'Soul' for Foreign Language Category

By way of compromise, Taiwanese director Wang Shau-di has put forward the idea of reducing the tax to 3 percent for movie theaters that hold promotional events for domestic Taiwanese films.
Lung countered that the share of locally produced films shown in Taiwan remains low -- 17.46 percent of the market -- compared to other territories in the region, such as Japan, where domestic films account for 55 percent, or South Korea at 50 percent. The minister added that she realizes the policy will face resistance, but her office believes it is essential to the longterm vitality of the domestic Taiwanese film industry.

Thank you Hollywood Reporter

Entertainment unions, groups hail state film tax credit extension...

A broad coalition of unions representing the entertainment industry hailed Governor Jerry Brown's decision to sign into law a two-year extension of California's film and television tax credit.

"We commend the legislature and Gov. Brown for recognizing that the motion picture business is an integral part of the economic and cultural powerhouse that has been California during the last 100 years," said a statement issued by a coalition of entertainment industry unions, including the Directors Guild of America, the Teamsters, the International Alliance of Theatrical Stage Employees and SAG-AFTRA.

Brown approved legislation that was overwhelmingly supported by the state Assembly and the Senate. The bills provide $200 million for the state film tax credit, extending funding through 2017.

California offers a 20% to 25% credit toward qualified production costs, which employers can use to offset any business tax liability they have with the state.

Although the program is limited and not as competitive compared with what some other states offer, the bills were widely supported in the entertainment industry as a means of slowing the exodus of film and television production from California.

While the bills were expected to be approved, their support from the governor was not assured given the competition for scarce government resources. Backers originally pressed for a five year-extension, but that goal proved unrealistic.

"Unlike most other industries, ours is a highly mobile one -- film and television production can be shot anywhere," the coalition said in its statement. "Because of that reality, thousands of our members who live in California and want to work in California are dependent upon this state remaining competitive. We know firsthand that this program has created employment opportunities for them, and with that, health and pension coverage for them and their families."

The Motion Picture Assn. of America, which lobbies on behalf of the major studios, also praised the bills' passage.

"The state of California took a big step forward today, thanks to Gov. Brown and the legislature," said MPAA Chairman Chris Dodd. "The two-year extension of the state's production tax credit will keep California competitive for tens of thousands of production-related jobs. This is an important victory for California's economy, our national economy, and the hardworking men and women who comprise the film and television industry."

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California Assembly approves state film, TV tax credit extension...

By Richard Verrier

The California Assembly overwhelmingly approved a bill that would preserve funding for the state's film and television tax credit.

The Assembly voted 70-4 in favor of the bill, which extends funding for the program another two years. California allocates $100 million annually toward tax credits, which are doled out by lottery because of limited funds. Funding was due to expire next year.

The film industry had been pressing for a five-year extension to show the state's commitment to the industry, which is being lured away by other states with strong incentives. But that proved a tall order in light of the state's budget woes.

The state Senate is expected to hold its first committee hearing on a similar bill next week.

Thank you Hollywood Reporter

Tax incentives face scrutiny...

Tax incentives face scrutiny
Breaks to be extended, but climate cools
By TED JOHNSON

As California Gov. Jerry Brown grapples with a beleaguered California budget, he is still expected to extend the state's production incentives.

Production tax breaks, which have bloomed across the country over the past decade, have shown surprising resiliency in the face of state budget cuts. In California, which some observers says is on the brink of bankruptcy, Gov. Jerry Brown is set to extend the state's $200 million in production tax incentives.

But the question is, what happens next? This year's presidential campaign has been tinged with talk of tax reform and, if there is a genuine drive in this direction on the part of Washington as it grapples with the so-called "fiscal cliff" later this year, it is not too much of a stretch to think that talk of reform could extend to other levels of government, including the 38 states that have some form of production sweeteners.

Pressuring states against further incentives are two orgs on opposite ends of the spectrum, the left-leaning Center on Budget & Policy Priorities and the right-leaning Tax Foundation, which have for several years challenged the benefits as little more than giveaways that don't return lasting jobs.

"When it comes to film credits, it is better to receive than to give," says Jon Shure, director of state fiscal strategies for the Center on Budget and Policy Priorities.

The MPAA, meanwhile, has countered with its own reports and research, and characterizes the tax orgs' premises as misleading. It points to states like Michigan, which, after having scaled back its incentives significantly, restored $25 million to the program for fiscal year 2013. Even in Iowa, where a criminal investigation surrounding abuses of incentives ensued, there is some talk of re-starting a program in limited form.

Incentive programs grew over the past decade, often because states without tax credits feared that they would lose out on productions.

Yet some of the strongest advocates of credits say that more state film offices face a growing burden of transparency -- to show where jobs are being created, or whether money is being spent in-state, as a way of ensuring that the benefits aren't being enjoyed elsewhere.

Earlier this year, Ernst & Young released a study commissioned by the MPAA that was, not surprisingly, generally supportive of the idea of incentives. But it also cautioned that programs shouldn't be measured just by how much state and local government coffers recoup, but rather via a host of other factors that boost the private sector.

The Ernst & Young research states: "If a film is successful in generating tourism, the economic and fiscal impacts can be substantial. For example, if a successful $10 million film production induces 100,000 visitors to a state over several years, these visitors would spendmately $34 million during their visits on lodging, meals, entertainment and other purchases. In a typical state, this spending would create 310 direct and indirect jobs and $1.2 million of additional state and local taxes."

The tax orgs question the assumptions of a ripple effect from Hollywood production. But no matter whose statistics are more correct, it's hard to imagine that more indiscretions like the one in Iowa, in which production money ended up helping to buy a filmmaker's Land Rover, will be tolerated at a time when the issue of fiscal reform may soon hit the front burner.

MTV's "Jersey Shore" once again put New Jersey on the map, but last year, Gov. Chris Christie blocked nearly a half-million dollars in production tax credits, perhaps seeing the political danger of the words "Snooki" and "snookered" in the same headline.

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California Movie and TV Tax Incentive Bill Passes Full State Senate...

There is only a procedural vote in the Assembly left before the two-year extension is sent to Gov. Brown. The Assembly is expected to act by Midnight Friday, which is when the legislative session is scheduled to end.

Legislation to extend California's $100 million in annual tax credits for two more years to keep movie and TV production in the state passed the full state Senate Friday by a vote of 32 to 2 on its way to almost certain final passage by midnight, when the legislative session ends.

Hollywood Slams New Report Critical of California Production Tax Incentives

Legislation to Extend Film, TV Tax Incentives Passes in Sacramento
There is still a procedural vote on a companion bill in the state Assembly that needs to pass, but that seems almost certain since that body has supported the legislation all the way through the process.
Once it clears both Houses, the bill goes to Gov. Jerry Brown, who must sign it before it becomes law. The governor through a representative said he will not decide until the bill reaches his desk, but it is likely he will sign the extension.
Brown signed a similar one-year extension at the end of the legislative session last year.
This is actually the second time the Senate has passed the extension. However, because a different bill went through the Assembly, that had to be passed by the Senate as well. The Assembly is in the process of approving the Senate version.
The extension, which has strong support from Hollywood's unions and guilds, including the Screen Actors Guild and IATSE, was originally proposed for five years. However, in a state Senate committee the term was cut; and the Assembly followed suit so that the legislation could match up for passage.
The state first passed tax credits in 2009 under then Gov. Arnold Schwarzenegger for five years. It is intended to help keep movie and TV productions in the state at a time more than 40 other states and many countries are trying to woo producers with incentives and tax breaks. Many of those are more generous than the California plan but no other state has as much infrastructure; and the state is also home to many of the companies and creative artists who prefer to work close to home.
While $100 million sounds like a lot of money, it is actually far short of meeting the demand. The tax credit program is administered by the California Film Commission, which opens and closes the application process in one day in early June. Those who do not get funded that day go on a waiting list.
The bill was introduced in the state Senate by Sen. Ron Calderon, D-Montebello, and the companion bill in the Assembly was introduced by Assemblyman Felipe Fuentes, D-Sylmar.

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Sacramento Gives Final Approval to $200 Million, Two-Year Tax Credit Extension

Now it is up to Gov. Jerry Brown to sign the extension through 2017 in the next 30 days.

The top show business guilds and unions along with the Los Angeles Chamber of Commerce and others applauded passage by the California legislature late Friday of legislation to extend by two years the annual $100 million tax credit program designed to keep movie and TV productions in the state, sending the proposed law to Gov. Jerry Brown for his final consideration.

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British Film Institute Defends U.K. Film Tax Credits as 'Stable and Legitimate'
The coalition, which includes the Screen Actors Guild, the Directors Guild and IATSE, said that the passage "demonstrated [the state's] commitment to keeping jobs in California for the tens of thousands of men and women working hard to make a living in the entertainment community. Their recognition of the critical importance of this industry to California's economy through this vote, coupled with the substantial success of the tax credit program, will go a long way toward giving California the opportunity to compete on a more level playing field with the many other states and foreign territories that already offer generous incentive programs of their own."
The coalition also asked "Governor Brown to sign the extension into law" adding that it can then "look forward with great anticipation to a more stable environment for all the films and television shows that would prefer to shoot here in California."
A representative for the Governor told The Hollywood Reporter last week that he would not comment on or make any decision until the legislation reached his desk. He now has 30 days to sign or veto. It is widely expected he will sign the bill into law despite the state's severe budget problems. Brown signed a similar bill last year which extended the credits through 2014. However, anyone who has followed the career of Gov. Brown knows that he is very independent and unpredictable, so until the bill is signed, the industry will have to hold its collective breath and see what happens.
The bills introduced by Assemblymember Felipe Fuentes and state Senator Ron Calderon, both Democrats, would extend the tax credits to at least July 2, 2017. The final vote in the Senate on Friday by a 32 to 2 margin was a bipartisan effort, which is itself rare in the highly partisan California legislature.
"By any measure, the program so far has been a tremendous success and should be extended," said Fuentes. "With the State's unemployment rate hovering around 12%, we need this incentive to help keep hundreds of thousands of Californians employed. Extending this incentive program will prevent production companies from moving their projects, jobs and spending out of California."
In an announcement about passage, Fuentes said that the $400 million the state has already spent since the program was first enacted in 2009 proves the program works: "The tax credits have resulted in $3.9 billion in economic activity statewide. Of that $728 million was spent on wages to create an estimated 40,000 jobs. An additional 172,000 individuals are estimated to have received daily employment as background extras."
The only disappointment for the industry was that they had sought a five year extension, to provide even more stability to the program and allow producers to plan far in advance. As it is the $100 million does not come close to meeting the demand. The annual allocation is spent in one day each June (although some others do later get credits by being on a waiting list when projects drop out or are not made).
"Today over 40 U.S. states, New York City and Canada, among others, offer substantial financial incentives to the film industry in an attempt to lure production and post-production jobs and spending away from California," said Fuentes announcement. "The program specifically targets productions that are the most likely to leave the state due to incentives being offered in other states and countries."
Here are some other statements issued in the wake of passage of the extension:
"We thank Assemblymember Fuentes for the commitment, dedication and leadership he has shown throughout this legislative process," said Bryan Unger, Associate National Executive Director/Western Executive Director of the Directors Guild of America. "The extension of the California Film & Television Tax Credit Program will provide needed stability and longevity to this very successful program, allowing California-based DGA members to continue making a living in the entertainment industry here in their home state, while actively contributing to the state economy and remaining close to their families and their communities."
"The Chamber applauds the legislature for passing AB 2026. Putting people back to work is the most important thing we can do on the road to economic recovery. Production projects that qualify for this tax credit will generate millions of dollars in wages, production expenditures, and create thousands of jobs for California residents," said Los Angeles Chamber of Commerce President Gary Toebben.
"Assemblymember Fuentes is leading the way in growing the California economy. Extending these critical tax credits will help retain our state's fundamental industry and the millions of jobs it creates," said Stuart Waldman, President of the Valley Industry and Commerce Association (VICA).
"I applaud the passage of AB 2026, which will extend the California's successful Film and Television program, and we urge the governor to sign this important legislation," said Duncan Crabtree-Ireland, Chief Administrative Officer and General Counsel for the Screen Actors Guild.
Leo T. Reed, Secretary Treasurer of Teamsters Local 399, who represents thousands of drivers, location managers, casting directors and other basic crafts in the entertainment industry, said, "I wish to thank Assemblyman Fuentes and the legislature for its passage of AB2026 on to the Governor which would extend the current film jobs incentives in order to give stabilization to the program continuing to keep vitally needed jobs, and economic infusion to both the State and local businesses, as well as working to keep one of the cornerstone industries of California where it belongs."

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U.K. aiming to lure U.S. productions

U.K. aiming to lure U.S. productions
Tax-incentive strategy would also help keep homegrown shoots
By LEO BARRACLOUGH

"Episodes," produced for Showtime and the BBC, is set in Los Angeles, but shot in the U.K.

"Downton Abbey," which shoots in the U.K., is one of the few Brit-produced shows to do so.

With the U.K. government set to introduce in April what's likely to be a generous tax incentive for big-budget TV productions, it appears that the sector, given a shot in the arm by the success of "Downton Abbey," might be on the verge of a true breakout -- and Hollywood is taking notice.
While "Downton," produced by NBC-Universal's London shingle Carnival and shot in the U.K., is the exception rather than the rule -- most high-budget TV shows produced by U.K.-based companies are not lensed in Blighty -- with tax credits on the horizon, that is set to change. Many see a future that offers heightened worldwide marketability for U.K.-produced fare and increased collaboration with the U.S., underscored by speculation recently that Sony Pictures Television is interested in buying Blighty's Left Bank Pictures.

The tax incentive plan is hazy, with details still being formulated, but a U.K. production biz lobby group, the TV Coalition, is pressing for the incentive to be based on the nation's film tax credit. If its proposals are adopted, the incentive would be worth 20% of the U.K. spend, with a requirement for a minimum budget level of £1 million ($1.6 million) for an hourlong.

As well as persuading productions to stay home, the incentive could also lure more U.S. network shows to Blighty. At present, even skeins that could be considered culturally British are shot elsewhere. For example, Showtime's "The Tudors" and Starz's "Camelot" used locations in Ireland.

For most U.K. producers, shooting locally is too expensive when there are countries nearby that offer production tax incentives.

"Parade's End," Tom Stoppard's adaptation of the Ford Madox Ford novels, shot 43% of its scenes and undertook more than 80% of its post-production in Belgium. U.K. production house Mammoth, which produced the series for HBO, the BBC and its international sales arm BBC Worldwide, says that if a tax incentive had been in place, the lion's share of the filming and almost all the post-production would have taken place in the U.K.

Even countries some distance away attract Blighty TV productions. Action series "Strike Back," which Left Bank produces for Cinemax/HBO in the U.S. and satcaster BSkyB in the U.K., is shot almost entirely in Hungary and South Africa.

According to a recent report by Stephen Bristow, associate director at media consultancy RSM Tenon, and Charles Moore, a partner at law firm Wiggin, a 20% tax incentive is likely to bring more than $545 million in additional production spending per year to the U.K.

High-end TV drama is very mobile in terms of location, and the existence of a tax credit is central to a country's appeal, the report states. "HBO, for example, said that 10 years ago, 10% of their production spend was shot in locations where incentives were offered. Today, this figure has increased to 85% of their total production spend," the report notes.

Armed with a tax incentive, the U.K. could become a rival even to Canada in vying for U.S. network shows, says Andy Harries, chief executive of Left Bank, which produces Kenneth Branagh-starring crime series "Wallander" for WGBH Boston and the BBC, as well as features, such as "The Queen."

"(The U.S. networks) will be looking to the U.K. in the same way that they look to Canada: If it is cheaper to (film) in the U.K. and they can deliver a product that works in their domestic market, they will(come)," Harries says.

Maria Kyriacou, managing director of ITV Studios Global Entertainment, the U.K. broadcaster's international distribution arm, says U.S. cable networks already are far more willing to consider shows from international producers.

"There are lots of opportunities right now for co-productions and for them to buy shows," Kyriacou says, adding that streaming outlets such as Netflix and Hulu have been having success with some of their high-end dramas.

Kyriacou says that incentives could mean more spending-power for U.K. production companies, enabling them to add well-known thesps or high-end special effects that improve the chances of sales in the international market.

"Recognizable talent helps people pay attention to the shows," Kyriacou says. For example, the casting of Jeremy Piven as the lead in costume drama "Mr. Selfridge," which ITV Studios Global Entertainment is distributing, is helping the show's worldwide sales. In the U.S. "Mr. Selfridge" has been picked up by PBS' "Masterpiece," home to "Downton Abbey."

According to Harries, incentives might lead to a growing number of shows that combine the best of U.S. and U.K. creative talent. "What probably one would try to achieve is some kind of hybrid that will have some American casting for sure, but somehow marries American and English content satisfactorily, (and will play in both countries)," he says. "The tax break will undoubtedly add energy and financial imperative."

Harries points to comedy series "Episodes," produced by the U.K.'s Hat Trick Prods. for the BBC and Showtime Networks, as an indication of the way the biz may develop. Set in Los Angeles, the show stars Matt LeBlanc, and is penned by Hollywood scribes David Crane ("Friends") and Jeffery Klarik ("Mad About You"), but is shot almost entirely in the U.K. Production for the second season included a six-day shoot in Los Angeles for exteriors, but the rest of the show was shot at London studios, and at locations around the city that doubled for Los Angeles.

Hat Trick wouldn't reveal the budget, but Harries says he was told it was about half to two-thirds of what it would have been if it had been shot in the States.

And with incentives, that number would be friendlier still.

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Vancouver is losing ground to Toronto and Montreal in attracting Hollywood film and TV shoots.

Eastwards shift of major studio production in Canada continues as the westernmost province fails to keep pace with Ontario and Quebec on tax credit savings.

TORONTO – Vancouver is losing ground to Toronto and Montreal in attracting Hollywood film and TV shoots.

Tax Change Threatens Hollywood Production in British Columbia

The latest activity report from British Columbia Film + Media indicates foreign, mostly Hollywood producers spent $778 million locally in the westernmost province in 2010, the last year surveyed.
That's well down on the just under $1.1 billion in foreign production activity in 2009 in B.C.
The steep fall follows B.C.'s labor-based tax credit failing to keep pace with a more generous all-spend tax credit in Ontario and Quebec, and the impact of a rising Canadian dollar in comparison to the American greenback.
Fox's Fringe TV series and the Matt Damon-starring film Elysium are among the Hollywood productions to shoot locally in B.C. in the last year.
And the fall-off in foreign production has been partially offset by local film and TV production, which edged up to $244 million in 2010, from $218 million in 2009, according to the report.
But B.C. still faces a "deeper competitive problem," given more generous tax credits on offer to Los Angeles producers in Ontario and Quebec, according to British Columbia Film chairman Michael Francis.
"…it is more difficult to develop and finance scripted drama and feature films in B.C. than it is in many other provinces. This is a result of a number of factors including: the absence of equity funding in BC, the more lucrative production incentives available in other jurisdictions and the fact that broadcasters, who commission content, are based in Toronto and are increasingly relying on Ontario produced product," Francis wrote in the report.
Hollywood North in recent years has been largely centered on British Columbia and Ontario, with tax policy helping to determine where the major studios shoot north of the border.
U.S. foreign location shooting rebounded in Ontario in 2010 after the province followed Quebec and introduced its all-spend 25 percent film tax credit.
The eastwards shift of Hollywood film and TV production in Canada is expected to pick up steam after B.C. voted in a referendum to phase out its harmonized sales tax (HST).
Foreign producers can now recover the former 8% provincial sales tax (PST) as part of the HST, but that will change when B.C. eventually phases out the PST.

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| 22.10.11 | 13h18 • Mis à jour le 24.10.11 | 10h28 par Alain Beuve-Méry

Stupeur et consternation ont saisi, vendredi 21 octobre, les 600 invités des 21^esRencontres cinématographiques de l'ARP, la société civile des Auteurs, réalisateurs et producteurs, qui se tenaient à Dijon, en Côte-d'Or. Toute la famille du cinéma français, voire européen, réunie pour deux jours, ne s'attendait pas à pareil coup. Les membres des institutions publiques, comme Eric Garandeau, président du Centre national du cinéma (CNC), non plus.

Avec au programme des débats sur une meilleure exposition du cinéma européen, animé par la réalisatrice Tony Marshall, ou sur les bouleversements du paysage audiovisuel et ses conséquences immédiates pour le cinéma, avec la présence de tous les pontes de la télévision - Nonce Paolini (TF1), Nicolas de Tavernost (M6),Rémy Pfimlin (France Télévisions) et Rodolphe Belmer (Canal+) -, le programme était déjà plus que chargé. Mais l'actualité s'est malicieusement invitée au rendez-vous.

Deux amendements, l'un voté jeudi soir, l'autre, vendredi midi, à l'Assemblée nationale ont largement contribué à animer le débat. Le premier amendement qui sanctuarise à 705 millions d'euros le budget du CNC était jugé, vendredi, très positif par M. Garandeau. Pour la première fois, l'assiette sur laquelle reposent les recettes du CNC était même élargie. Le second amendement, en revanche, a jeté le trouble parmi les professionnels.

En raison de la crise économique et de la menace qui plane sur la France deperdre sa notation triple A, le gouvernement a en effet décidé de fixer des plafonds pour toutes les taxes affectées, et de récupérer les surplus pour les réorienter vers le budget de l'Etat. Cette mesure concerne le CNC, mais aussi une trentaine d'autres organismes publics, comme le Centre national du livre (CNL), l'Agence pour la maîtrise de l'énergie (Ademe), l'Office français de l'immigration et de l'intégration (OFII) ou encore les Voies navigables de France (VNF).

La profession s'est immédiatement mobilisée. Pour la première fois depuis la grande époque des débats sur l'exception culturelle, toutes les organisations professionnelles - ARP (Société civile des auteurs-réalisateurs-producteurs), BLIC (Bureau de liaison des industries cinématographiques), BLOC (Bureau de liaison des organisations du cinéma), SACD (Société des auteurs et compositeurs dramatiques) et UPF (Union des producteurs de films), qui regroupent plus de 25 associations et syndicats - condamnent "l'amendement gouvernemental visant àplafonner le niveau de chaque taxe affectée au CNC".

"Un tel amendement mettrait à bas le système de soutien mutualiste du cinéma français qui, depuis 1946, a permis de maintenir tout à la fois une industrie cinématographique forte et une création dynamique et diversifiée", soulignent les signataires. "Si un tel amendement était voté, le CNC ne pourrait plus remplir ses missions, qui sont au coeur du financement de la diversité culturelle", poursuivent-ils.

C'est pourquoi ils demandent "avec la plus grande fermeté", le retrait de cet amendement. "L'écrêtement, taxe par taxe est particulièrement dangereux", explique Pascal Rogard, directeur général de la SACD, "car il mène tout droit à la fin de l'autonomie budgétaire du CNC." Le CNC est aujourd'hui, financé par quatre taxes (sur les salles de cinéma, sur la vidéo, sur la VoD et sur les éditeurs et distributeurs de télévision).

Pour Florence Gastaud, secrétaire général de l'ARP, "Le cinéma est prêt à faire un geste en faveur de la solidarité nationale, mais à condition que cela ne remette pas en cause son système de financement." Dès lundi 24 octobre, une réunion interministérielle est prévue pour allumer des contre-feux. D'ores et déjà, un nouvel amendement devrait être proposé lors de l'examen au Sénat du texte litigieux.

Alain Beuve-Méry
merci le monde!

Have a great day ☼

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Call your CA State Senator to PASS AB 1069 - Film tax incentives bill

<<<< whether you work on commercials (where we don't get tax incentives in CA), or other film mediums such as movies, where they do get tax incentives in this state... this is still a fight to keep jobs in California.. . please put the word out to your production families to support this: This is an update on the status of AB 1069 -- the bill to extend incentives for film and television production in California. Last week, the bill was passed out of the Senate Appropriations Committee. Unfortunately, its opponents amended it in an attempt to make it less effective while still being able to say they voted in favor of it. One amendment was to shorten the extension to one year, which drastically limits the ability of producers to plan ahead for filming in California. On Thursday, September 8, a delegation representing Hollywood unions and guilds will head to Sacramento to visit every member of the State Senate. They will be working to ensure that AB 1069 is passed with a three-year extension. We must all help in this effort. Since its inception in 2009, the state incentive program has had a direct impact on the creation of jobs. The single most important thing you can do to help increase the amount of work available to you and your fellow members is contact members of the Senate and urge them to approve AB 1069 for three years. Your letter need not be long but please try to include the phrase "When movie and commercial makers make films somewhere else, Californians lose their jobs." Please actually write a letter and fax it. Phone calls are great but a hand written, personal letter carries much more weight with these elected representatives. It could be as simple as the sample letter at the end of this message. It is especially important that any of our members living outside of Los Angeles participate. If you have family in Northern California or San Diego, ask them to help too. Explain how important this is to your livelihood. If you don't know who your Senator is, you can visit http://www.leginfo.ca.gov/yourleg.html In addition to your CA State senator, please send a letter to the Senate Pro Tem, Darrell Steinberg: fax number: 916-323-2263 and tel: 916-323-2263. If you don't have access to a fax machine, there are many online services that offer free or low-cost faxing. Try visiting sites such as http://faxzero. com/ The Senate must act on the bill by September 9, so we are asking that letters be sent starting TODAY Thursday, September 8. Make no mistake. This is your fight. Without incentives here, even more productions will leave for places such as Louisiana and New York (though we love you pro brothers and sisters!) - and the job that leaves with them could be yours. Act now to save California's film and television industry. Join the campaign for AB 1069 - to extend California's incentives for 3 years.<<<<< Have a great day ☼

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IRS regulations regarding tax deductions for documentary filmmaking

Does anyone know about an IRS regulation disallowing documentary filmmakers from making tax deductions during the course of their production, because documentary filmmaking is considered a hobby and not a business, intent on making a profit?

We've been in the documentary business (courterfilms) for more than 40 years and take all appropriate deductions. I have read about the Story lawsuit, but have not seen their tax returns. Of course you can take deductions if you do it right. Check with lawyers and accountants to be sure you are.

Here are some principles:

1. You can have a company that receives income that pays the expenses of making the film. It has to be funded from somewhere. For instance, a foundation gives us money to make a doc. We take all expenses and pay salaries--including ourselves. At the end, all the money is gone, but we have legitimate income from working on the film and pay taxes on that. If we had $100,000 for making the film and paid ourselves $25,000 and had $75,000 of expenses, the $75,000 are deductions. A "C" corp is different from a Sub-S, but in our case we use the latter and any extra left in the budget is taxed to us. If we end up with more expenses, we can write off the loss on our personal tax return.

The key here is you can't have losses for X out of X years.

In the case of the lawsuit, the filmmaker was also a lawyer with one assumes income from that practice. If she made a film for $300,000 and deducted that full amount from her income as both a filmmaker and an attorney and never showed a profit from filmmaking during that time, her filmmaking would be declared a hobby. This would be the same if she was deducting her horse stables or antiques business etc.

2. You can work within your own Sch. C. I am a writer. All my writing income appears on my Sch. C. I can deduct research trips to Europe, my assistant's salary, computer expense, ads, publicity etc. But again, I have to show a profit every few years. I just can't deduct the trips and goodies and not sell enough books to cover and show real income/profit. In my case, I sometimes have big sales spread across many years, but the sales are large enough to show the IRS that my writing is a legitimate business and not done for vanity or self-publishing.

Keep track of every single receipt and how you are financing your film. Pay yourself a salary. Run it like a business--which it is.

Thanks, Gay (Courterfilms)--and this advice goes for free-lancers as well.

Have a great day ☼

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Is Kickstarter money taxable?

One for You, Nineteen for Me: Is Kickstarter money taxable?

By Chris Castle

The short answer is: Talk to your CPA.

The longer answer is, it would appear that Kickstarter money is taxable. If the Kickstarter money is being paid to a non-profit corporation that has received tax exempt status from the IRS (or is under an umbrella organization that allows the non-profit to raise funds on a tax-exempt basis), you know who you are and you need to talk to your non-profit accountants and lawyer to be clear on your status. (If you search for “tax” in the Kickstarter “help” section, you will find a couple references to how nonprofits can work with them.)

If you are not a non-profit, then the chances are pretty good that the money is taxable. First, Kickstarter money is typically not money given in exchange for a security, which would likely violate a number of state and federal securities laws both in the offering of the “security” and the sale of that security. (Also, no future benefit or ability to sell or transfer an interest.) Kickstarter
says: “Rewards, not financial incentives. The Kickstarter economy is based on the offering of rewards – copies of the work, limited editions, fun experiences. Offering financial incentives, such as ownership, financial returns (for example, a share of profits), or repayment (loans) is prohibited.”

You may also want to ask your tax advisor whether “rewards” are actually sales subject to state or local sales tax in your state. By setting a “reward” for a specific dollar amount, particularly involving a CD or another good that would typically be subject to sales tax, the “reward” starts to look a lot like a “price”. If there is a sales tax payable, the burden would likely fall on the artist and not Kickstarter.

But I think the Kickstarter relationship between artist and funder could be fairly described as a contract–the Kickstarter “deal” is a promise to do something if certain conditions are met. This is most likely going to be viewed as a “unilateral contract” and not as a gift. It’s also not like “panhandling” in that there seems to be a future promise to perform under a unilateral contract. So the payor says if I give you X then you will do Y. The payor also gets some “rewards” bling in most instances (which appears to be a fairly well defined fair market value (aka a price) based on the contribution level required to get the “rewards” bling). That looks taxable to me, although I’m not a tax expert.

Another question for your CPA is whether you need to pay self-employment tax on the Kickstarter revenue. I think there’s a pretty good argument that you do. There’s also possible that if you spend the entire Kickstarter payment on business expenses, you may not owe any income tax. You may, however, owe self-employment tax. This is a situation that is specific to every individual, so you need to get your own tax advice to see what your exposure might be.

If I’m correct in the analysis, not only would the Kickstarter income be taxable for the recipient, it would not be deductible for the payor. You should also take a close look at the instructions for IRS Form 1099-K which will be required starting with the 2011 tax year. I looks to me like Kickstarter (or more likely their payment processor) will need to report Kickstarter income to the IRS beginning this year.

Don’t forget—this is not legal advice, and you should not rely on it. Talk to your CPA about your own situation, but be aware that these are real issues.

The difference between tax avoidance and tax evasion is that you wear stripes for tax evasion. And I don’t mean pin stripes.

So if you are thinking about using Kickstarter (or any other crowdfunding source), make sure you talk to your tax advisor about how to deal with any tax issues that may arise. If you’re thinking of raising a sum of money because that is what you need to accomplish your project, you may need to raise more than you think depending on what your tax advisor says. (Note that this article is directed toward US taxpayers. Local tax laws may differ.)

And by the way—if you find a discussion of this issue on the Kickstarter site, please send us the link. We weren’t able to locate it.

(Hat tip to Nikki Rowling of Titan Music Group [and co-founder of Austin Music Foundation] for raising this issue)

Have a great day ☼

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Wednesday, November 6, 2013

Crowdfunding Sites Face Stricter Controls in U.K....

Taiwan's Cinema Owners Voice Opposition to Proposed Movie Ticket Tax...

Saturday, October 13, 2012

Entertainment unions, groups hail state film tax credit extension...

Friday, October 12, 2012

California Assembly approves state film, TV tax credit extension...

Sunday, September 30, 2012

Tax incentives face scrutiny...

Saturday, September 1, 2012

California Movie and TV Tax Incentive Bill Passes Full State Senate...

Sacramento Gives Final Approval to $200 Million, Two-Year Tax Credit Extension

Thursday, August 23, 2012

U.K. aiming to lure U.S. productions

Monday, October 24, 2011

Vancouver is losing ground to Toronto and Montreal in attracting Hollywood film and TV shoots.

CNC : l'amendement qui effraie le cinéma français

Friday, September 9, 2011

Call your CA State Senator to PASS AB 1069 - Film tax incentives bill

Saturday, August 27, 2011

IRS regulations regarding tax deductions for documentary filmmaking

Saturday, August 13, 2011

Is Kickstarter money taxable?