ROME – Italian Culture Minister Dario Franceschini is kicking off the upcoming year on a positive note for the country’s film and TV industries by raising available resources for film and TV production incentives by 21% to Euros 140 million ($153 million) in 2016.
Italy’s parliament has just approved a national budget comprising measures to beef up the country’s production tax credits which have been key to luring Hollywood shoots, including Paramount’s “Zoolander 2,” and MGM and Paramount’s “Ben Hur” remake, to Rome’s storied Cinecittà Studios in 2015. Both pics were entirely shot in Italy.
“We are boosting a fiscal mechanism that is generating a huge increase in international productions in Italy,” the Italo culture Czar boasted in a statement.
Italy’s 25% tax breaks for international film productions are capped at around $11 million for each executive producer on a given production. They are deductible cash-back credits. Aside from raising the available resources, the Italian government has also “streamlined the application process,” Franceschini (pictured) pointed out.
Other high-profile international productions which tapped into Italy’s improved incentives in 2015 include the latest Bond instalment, “Spectre,” and Ron Howard’s “Inferno,” both partly shot in the country. Cinecittà is currently hosting part of the production of Paolo Sorrentino’s high-profile English-language TV skein “The Young Pope” co-produced by Sky, Canal Plus and HBO and starring Jude Law and Diane Keaton.