28 Projects Make First Cut In State’s Production Tax Credit Lottery

UPDATED 7PM: The California Film Commission completed its production tax credits lottery this afternoon and of 322 projects submitted today, 28 were selected to receive credits before this year’s $100 million total allocation runs out. Other qualified applicants go on a waiting list. The number of projects submitted this year approached double last year’s number. On the first day of last year’s application period, 177 projects were submitted and 27 were selected to receive the credits. Ultimately 74 projects received tax credits from last year’s $100 million allocation. The increase came from the large number of smaller independent projects that moved from the waiting list to be awarded credits as larger projects withdrew. Today’s figures are subject to change as the commission reviews the applications. More information will become available Monday afternoon about the estimated total spend by approved projects, estimated wages, the number of cast and crew members employed and breakdown by production type — feature vs. TV, studio vs. independent. PREVIOUSLY 3:16PM Now they wait. The California Film Commission’s 3 PM deadline today for applications to receive a portion of the state’s $100 million film and TV tax credits has come and gone. Now it’s all about waiting for the commission to randomly pick the winners in a lottery. That is expected to happen sometime around 3:30 PM today. The Film Commission expects to have information on how many projects ... Read More »

Source: http://www.deadline.com/2012/06/state%e2%80%99s-film-credit-lotto-deadline-passes/

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