Leveraging theopportunity created by the recently introduced Hungarian Film Law, Hungarianbanking outfit Concorde Securities has established the country's firstfilm financing fund, the Concorde Film Trust.
The Law, passed inspring 2004, created tax benefits for companies backing films made in Hungary.Companies may reduce their corporate income tax by 100% of the amount of theirfinancial contribution. The maximum amount of tax-based financing is 20% of afilm's cost.
The Trust aims toact as a intermediary between films produced in Hungary and Hungariancompanies. Concorde says that several Hungarian enterprises have joined theTrust and that it will have contributed Euros 2m to sixteen productions in2004.
One of theproductions is British-Hungarian-German co-production, romantic comedy TheBest Man, directed by StefanSchwartz and starring Stuart Townsend, Amy Smart and Seth Green.
Mike Boris, directorof Concorde Securities, said he was confident the company had 'developeda film financing scheme creating value for both the Hungarian economy and theHungarian film community.'