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Happy Friday!
Thus far our work has resulted in both the Liberal and NDP parties putting forward, in writing, a commitment to maintaining our industry tax credits!
Although we have not as yet received this assurance from the PC folks, they have told us that their definition of 'corporate welfare' does not include tax credits.
Advance polls begin tomorrow (10am - 8pm) and are available through to June 6th. A complete list of advance poll locations is available at wemakevotingeasy.ca
Have a lovely weekend - sunshine here we come!
Sarah Ker-Hornell
CEO & Executive Director
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WEEKLY UPDATE May 30, 2014
from Kelly Graham-Scherer, Los Angeles Representative
Happy Friday everyone,
There was quite a bit of industry news generated during this shortened post-Memorial-Day week here in Los Angeles, starting with the report that California's proposed bill to expand film and television tax credits has cleared another hurdle. As detailed in Variety below, the bill was overwhelmingly endorsed by the state assembly and is now headed for the Senate where most believe it will face its toughest challenge.
http://variety.com/2014/biz/news/californias-assembly-passes-expansion-of-film-and-tv-tax-credit-1201195224/
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The need to increase California's competitiveness was underscored this week by the announcement that Sony Imageworks will move its headquarters from Culver City to Vancouver. As detailed in the Hollywood Reporter below, the company said it intends to relocate to a new 74,000 square foot space, with capacity for up to 700 artists, during 2015, underscoring the VFX industry's retreat from California to cities such as Vancouver that are attracting Hollywood productions with generous incentives.
http://www.hollywoodreporter.com/behind-screen/sonys-vfx-house-imageworks-moving-707582
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Variety was first to report yesterday that the California Film Commission has moved back by a month when it will disclose the film and TV shows awarded this year’s state tax credits. As detailed below, the decision to postpone the announcement of this year's lottery winners, which is intended to allow film commission staff to vet projects for eligibility, took many in the industry by surprise.
http://variety.com/2014/film/news/california-pushes-back-announcement-of-production-tax-credit-winners-exclusive-1201196123/
Production business continues to boom in Louisiana, though the generous incentives program there is not without controversy. As reported in Deadline Hollywood below, former Seven Arts Entertainment CEO Peter Hoffman, indicted in April for allegedly masterminding a fraudulent film tax credit scheme in the state, now says the U.S. Attorney’s office has “targeted” him because of his acquittal in another federal tax fraud case dating back to 1997. He says his attorneys will file a motion to dismiss the charges in Louisiana on Wednesday.
http://www.deadline.com/2014/05/peter-hoffman-seven-arts-entertainment-louisiana-film-tax-fraud-targeted/
While controversy continues all around, business at the box office has never been better. As reported in the L.A. Times this week, the movie industry is on track to beat last year's box-office record, with revenue up 3.3% so far, compared with the same period in 2013.
http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-summer-blockbusters-20140527-story.html
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