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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.
