California Tax Incentive Update

CALIFORNIA - The Film Commission has issued 25 approval letters, which means that all funds for this year have been fully committed and set aside for those films, so qualified expenses subsequent to the approval date may be included in the tax credits claim (not payable until 2010). Of these, 10 were "Independent Productions," and will receive transferable tax credits. (The others will qualify for non-transferable credits). If production does not start within the time limit, the funds will be released and used for the next project in the queue.