The Italian Film Commission is presenting the country’s first film incentive at a meeting in Los Angelestoday (April 16). It will be held at Shutters in Santa Monica this evening.

The delegation from Italy includes economics professor Mario La Torre and Marco Committeri, a tax consultant who works with major film companies in Italy, who developed the incentive.

Marco Valerio Pugini, the owner of Rome-based Panorama Films, which has acted as executive or line producer on major productions in Italy including Angels & Demons, will be representing the Association of Production Service, which play a key part in bringing the legislation forward.

The incentive will offer foreign productions a 25% reduction in costs, which will be capped at $6.5m (Euros 5m) per film. The law has been structured so this is an upfront reduction in overall costs rather than a rebate. Meanwhile, an Italian executive producer will receive a 25% tax credit on services from the Italian government and Italian producers can obtain a 15% tax credit for co-productions, if the film is Italian, or a 15% tax credit on the Italian segment for multi-nationalities.

The long-awaited incentive was passed by the European Union in December as reported on ScreenDaily. The law is effective for 2008 to 2010, when it will need to again new approval from the Italian parliament.

The Italian Film Commission is based in Los Angeles and is a division of the Italian Trade Commission.