The Italian Government has increased the tax credits for bigger budget films in a bid to attract Hollywood movies and benefit domestic productions.
The Government confirmed relief available at 25% of qualifying production expenditures for international feature films, going from a cap of €5m per project to a cap at €10m ($6.7m to $13m) per company.
The overall tax credit for the cinema and audiovisual industry will increase from €110m to €115m ($147m to $154m). Both will kick in from 2015.
The bill has been spearheaded by the Minister of Heritage and Cultural Activities, Dario Franceschini.
Luigi Abete, president at Cinecitta’ Studios, said: “The measure taken by the government will allow our country to attract international productions, as happens in the UK. Cinecittà Studios can be attractive to US productions - both for medium and large budgets - with positive effects on the entire metropolitan area of Rome.”
Riccardo Tozzi, president of Italian film body Anica, said: “We want to express our satisfaction for the increase both in terms of the new amount allocated for the tax credit - up to €115m - and the increase of the cap dedicated to each executive production service company
“This measure will bring big international productions back to Italy thus promoting our country abroad.”
Guido Cerasuolo, president of APE, the Association of Italian Executive Producers, added: “Thanks to this political confirmation highlighting the importance of the Italian Tax Credit, the whole Italian film industry will be now more competitive. With these new tools, we’re ready to work more and far better for our international clients.”