€75 million added to the Tax Credit

The Finance Act of late 2019 has refinanced the tax credit earmarked for Cinema and TV with €75 million, which will be used to meet the numerous requests submitted in 2019.

The Sole24Ore financial newspaper reports that cinema and television have benefitted from resources worth approximately €1.16 billion in recent years (they amounted to €90.8 million in 2013). The largest chunk was used by Italian cinema (€335 million) but foreign films marked strong growth in 2019 – equivalent to €97 million, up from €86 the previous year – which also brought benefits to the regions, in terms of direct spending by productions and promoting tourism.

The updated regulations could introduce new elements regarding the reduction of the taxable base for the calculation of the tax credit, the limit for eligible expenses and the introduction of caps on the work to reduce the amount granted per production. Other elements under consideration include the possibility that the percentage of consecutive and actual shoot days by those submitting a preliminary request should be given more importance and the establishment of a single annual submission request window of 8-9 months to stay open until the available budget was finished. Additionally music videos could now be considered eligible for financing.

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