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June 14, 2024

Renewed Italian Tax Credit Will Open with Focus on Local Talent

The tax credit will focus on productions that are shot in Italy with local talent, with less use of AI, and aimed at theatrical release.

Italy - Italy’s reformed audiovisual tax credit is set to open for applications by the start of summer, according to Lucia Borgonzoni, the undersecretary of state to the Ministry of Culture.

The changes will target productions shot in Italy, featuring Italian talent, avoiding excessive use of AI, and aiming for theatrical releases. This tax credit, with a headline rate of 40%, has already led to increased production in Italy by both local and international filmmakers. The reforms aim to raise the quality level of funded projects and ensure meaningful distribution for Italian films. Additionally, the reformed tax will cap the pay of key talent, but still allows for relatively generous compensation of up to €650,000 for filmmakers.

Borgonzoni said the changes were not aimed at reducing the money available to fund the tax, but to fix some of the anomalies of the tax credit. 

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