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Wednesday, Dec 6, 2023

State Allocates $100 Million in Film Tax Credits to 22 Film Projects

The California Film Commission on Monday announced it was allocating another $100 million in film tax credits to 22 film productions, including a remake of “A Star Is Born,” and an untitled big-budget film from Paramount Pictures.

The big-budget film from Paramount Pictures Corp. will spend at least $100 million within the state and employ nearly 300 cast and crew, the film commission announced. Emails and calls to Paramount Pictures seeking more details were not returned.

“Welcoming another big-budget feature and creating jobs across the state are great news for California,” said California Film Commission Executive Director Amy Lemisch.

Another allocation of $7 million is going to WB Studio Enterprises in Burbank, the main distributor of the second remake slated for release next year of the 1954 classic “A Star is Born.” Bradley Cooper is the director and lead actor whose character helps an up-and-coming actress – portrayed by Lady Gaga – achieve stardom despite his own struggles with alcoholism, according to web site IMDb.

Among the other film projects receiving allocations include “Beautiful Boy” from Amazon Studios ($4 million), “Plus One” from Lions Gate Entertainment Inc. ($2.37 million), and “Unbroken: Path to Redemption” from 1440 Productions LLC. In all, 14 productions are from major studios or related companies and eight are from independent production companies.

This was the fourth allocation of film tax credits since the program was expanded two years ago to more than triple the cap of total allocations to $330 million a year and to include projects with budgets exceeding $75 million. Prior to the Paramount Pictures big-budget project, only one other big-budget production had received a film tax credit: Walt Disney Co.’s “A Wrinkle in Time.”

Lemish said the expanded tax credit program has made California more competitive with other states and even countries giving incentives to filmmakers.

“Thanks to the expanded tax credit program we’re now on a path to win more and more battles in the fight against runaway production,” she said.

Public policy and energy reporter Howard Fine can be reached at hfine@labusinessjournal.com. Follow him on Twitter @howardafine.

Howard Fine
Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He has won several awards, including Best Body of Work for a single reporter from the Alliance of Area Business Publishers and Distinguished Journalist of the Year from the Society of Professional Journalists.

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