Major Studio Projects Receive Largest Allocations
The California Film Commission has approved $226 million in tax incentives for 35 film productions in its latest round of allocations. Among the recipients, Lionsgate's sequel to 'Michael' will receive $30.8 million, following the original film's $21 million in credits and its box office haul exceeding $1 billion. The state's tax credit program has become more generous, now covering 35% of qualified costs compared to 17.5% for the first 'Michael' film.[S1][S2][S4][S5]
Pixar will take the largest single allocation this round, collecting $40.1 million for an untitled project, in addition to a previous $28.7 million allocation in June. Disney will also receive $30 million for two other untitled projects. Warner Bros. and Paramount, now divisions of Skydance, will collect $13 million and $29.3 million respectively for untitled films, while New Line Cinema will receive $11.4 million for its upcoming 'Friday' sequel, bringing Skydance's total to $53.7 million.[S1][S3]
Independent Films and Local Production Emphasized
The allocation includes funding for 28 independent films, such as an untitled project from Mike Mills and 'Leaves of Glass,' set in Los Angeles' Chicano communities. Producers Victoria Alonso and Tom Culliver expressed enthusiasm for showcasing a rarely seen side of Los Angeles and working with top crews. Ice Cube, officially O'Shea Jackson Sr., highlighted that the 'Friday' story has been part of South Los Angeles for 31 years and noted that producing the sequel locally will employ more than 180 local cast and crew, underscoring the value of the California production incentive program.[S1]
