San Francisco Aims to Boost Film and TV Production with Enhanced Tax Incentive
A proposal to increase San Francisco’s film and television tax credit has been introduced by Board President Rafael Mandelman, with the goal of attracting more productions to the Bay Area. The legislation, which was introduced on Tuesday, would create a tiered rebate system based on local spending on items such as San Francisco resident wages, services, or goods. This move is expected to strengthen the city’s film incentive program, keeping jobs in San Francisco and ensuring that the city remains a competitive destination for film and TV production.
Eligibility and Rebate Structure
To qualify for the tax credit, most productions must spend a minimum of $500,000 in the city and shoot at least five days of principal photography there. Those productions would also receive a 100% rebate on city agency fees, including permits and police services. Under the new proposal, projects could get 10% back on the first million dollars spent in San Francisco, and then 20% on any qualified local spending beyond that, according to Manijeh Fata, executive director of the San Francisco Film Commission. This tiered system is designed to incentivize productions to spend more in the local economy, supporting local businesses and workers.
Staying Competitive in the Film Industry
As localities across the state compete to attract more film production, San Francisco must stay competitive, according to Mandelman. “Strengthening our film incentive program will keep jobs in San Francisco and help ensure this important economic activity doesn’t bypass us,” he said in a statement. The legislation is expected to go to a committee hearing next month, with a final vote potentially at the end of January or early February, Fata said. Supervisor Connie Chan, who is co-sponsoring the legislation, noted that the program has been “underutilized” since its establishment in 2006, and expressed her support for the update to ensure the original intent and benefits of the program can be fully materialized.
California’s Film and Television Tax Credit Program
San Francisco’s incentive proposal comes five months after California increased the cap on the state’s film and television tax credit program to $750 million annually, up from $330 million. The state also broadened the type of productions eligible to apply for the credit. Since then, more than three dozen TV shows, including a “Baywatch” reboot, and 52 films have been awarded tax credits. This move is expected to curb runaway production to other states and countries, keeping the film industry thriving in California.
For more information on San Francisco’s proposal to boost its film and TV tax incentive, visit Here
Image Source: www.latimes.com
