The Czech Republic’s new 20% tax rebate, implemented in late July, is attracting a raft of runaway productions, including Mission: ImpossibleIV.
The latest installment in the Tom Cruise vehicle is set to receive $2.9 million if the producers go ahead with plans to shoot in the territory, where the franchise kicked off.
XXXstar Vin Diesel would also be returning to Prague with The Return Of Xander Cage, which has been approved for $1.5 million in support, according to the Czech Ministry of Culture.
Lucasfilm’s Red Tails, which shot in the Czech Republic last summer and is now in post, has received $1.5 million for reshoots, according to local coproducer Aleš Komárek of Partnership Pictures.
The approval, the second in a three-step process, means the productions have passed the required cultural test and met other requirements. They are now cleared to submit their final production budgets and other audited financial statements upon the conclusion of filming.
The support boosts Czech confidence that the new incentives will help restore the territory’s ability to compete with Hungary, which also offers a 20% rebate, and other territories.
Local producers are nonetheless eager to know how much funding the incentives program will have from the state budget in 2011; an announcement is expected in September. For the inaugural year of the scheme, the Culture Ministry has $19 million to finance the rebate. There is no cap on per-production support and grants are awarded on a first-come, first-served basis.