Valley Studios Win Tax Credits for Feature Films

A number of San Fernando Valley studios and production companies will receive financing for feature film projects from the latest round of tax credits under the state’s Film & TV Tax Credit Program.Universal Pictures in Universal City received tax credits for three of the four highest amounts, totaling more than $32 million. They are for the feature films “Scarface,” with a screenplay written by Joel and Ethan Coen; “Ashley’s War” about women soldiers in Afghanistan; and an untitled live-action project.Warner Bros. Entertainment affiliates Warner Specialty Productions Inc. and New Line Productions Inc. received tax credits in the amount of $581,000 and $3.8 million respectively for the films “Passenger 58” and “Leave Me Alone.” Additionally, Rose City Pictures Inc., located on the Warner’s Burbank lot, received $3 million for “Kimi,” directed by Steven Soderbergh.Finally, Burbank-based Walt Disney Co. affiliated production company Newsub 118 Productions Inc. received $4.2 million in tax credits for “Hollywood Stargirl.”Colleen Bell, executive director of the California Film Commission, which administers the tax credit program, said it was exciting to welcome so many different types of productions – from big-budget studio films to low-budget indies, and everything in between.“The tax credit projects announced today are on track to generate thousands of high-wage jobs and an estimated $642 million in overall in-state spending, with more than $430 million going to below-the-line workers and in-state vendors,” Bell said in a statement.A total of 61 applications were received during the Jan. 25 tos Feb. 1 feature film tax credit application period. The California Film Commission has reserved more than $89 million in tax credit allocation for the 22 conditionally approved projects.