As a seasoned gamer with a deep appreciation for Italian cinema, I’ve witnessed the ebb and flow of productions in this beautiful country that serves as the backdrop for some of the most captivating stories ever told on screen. The recent changes announced by the Italian government regarding its film and TV tax credit system have piqued my interest, to say the least.
This week, the Italian administration is set to unveil significant adjustments to their movie and television tax incentive program. These modifications aim to enhance local filmmaking and boost domestic producers, with an emphasis on sharing more Italian narratives through screenplays. The changes follow a period of confusion that has temporarily halted several productions.
Starting from next year, there’s a limit of €18 million ($19.7 million) on the tax credit refunds for international co-productions where more than one-third of the production takes place in Italy. For local productions, the cap is set at €9 million ($10 million). The total budget for film and audiovisual investments in 2024 remains the same, around €700 million ($782 million).
The modification aims to elevate Italian television and cinema, attracting more international film productions to delve into Italian narratives. For instance, consider Michael Mann’s Ferrari, a biopic on the iconic car designer, featuring Adam Driver and Penelope Cruz, which debuted at the Venice Film Festival last year, or Ridley Scott’s House of Gucci, focusing on the Italian fashion icons, starring Driver and Lady Gaga.
The unique international production tax incentive, which advantages foreign productions filmed in Italy and played a role in choosing Sicily as the location for season 2 of HBO’s “The White Lotus,” is currently being debated within the Italian parliament. This proposed reform primarily consists of a 30% tax credit, escalating to 40% if the production involves Italian talent.
Over the last year, the Italian industry has experienced a standstill. Numerous Italian productions have temporarily halted their filming due to uncertainty about the level of tax credit they might receive after the culture ministry, under the administration led by Prime Minister Giorgia Meloni, proposed a review of the system.
Trade unions within the industries have spoken out against the government’s plans following the release of the draft for the new changes.
Andrea Paris, a producer who worked on Sydney Sibilia’s trilogy, finds it hard to pinpoint benefits from the reforms. These uncertainties have stalled production, leaving thousands of workers without jobs in the industry since the start of the year. He claims small and medium-sized companies are dying slowly due to asphyxiation.)
As a passionate gamer, let me share my perspective: In the gaming world, some players have been abusing the system to amass wealth, disregarding fair play. I can’t help but support stricter rules to curb this practice. Those who manipulate the points system for their personal advantage risk ruining the entire game and the dedicated players like me who strive for genuine success.
However, Giuliano expresses concerns about Rome’s reforms, stating, “Producers are being required to predict [prior to production] the specific number of screens their film will be distributed across. This is information that a producer cannot accurately determine beforehand.”
Recently, I’ve been thrilled to see the surge of success in the Italian film and TV scene. From local triumphs like Matteo Garrone’s Oscar-nominated “I Capitano” and Paola Cortellesi’s unexpected box office sensation “There’s Still Tomorrow,” it’s clear that our homegrown talent is shining bright.
Streamers such as Disney+ and Netflix have increased their investments in Italian content, with shows like “The Good Mothers” on Disney+ or “Supersex” on Netflix being examples. Moreover, Italy is now collaborating more frequently with other countries. According to recent studies by Anica and APA, there’s been a 51% rise in the number of films and TV series produced jointly with international partners. Unfortunately, locally, the Italian box office hasn’t bounced back to its pre-pandemic figures yet. As of now, attendance numbers are still 23% lower compared to the 2017-19 period. The exception remains the success of “There’s Still Tomorrow” at the box office.
During the COVID-19 pandemic, the Italian government increased its production tax credit from 30% to 40%, aiming to attract international film productions. However, this move’s success has raised concerns about potential misuse, as many productions supported by the tax credit have struggled to gain an audience.
Roberto Stabile, who oversees special projects at Cinecitta Studios in Rome and reports to the Ministry of Culture’s Directorate General for Cinema and Audiovisual, emphasizes that the increased tax credit introduced during the pandemic has been beneficial for the industry. “Two years after the prolonged pandemic period, our audiovisual sector is thriving,” he notes. However, he cautions, “Such forms of support could potentially create an addiction within the market.”
Carlo Cresto-Dina, as both a producer and CEO at Tempesta (a company known for producing Alice Rohrwacher’s films), emphasizes the significant impact of the tax credit on boosting the strength of Italy’s film industry. At the same time, he acknowledges that improvements and reforms are necessary in this area.
“Cresto-Dina argues for making it possible for those who qualify to receive the tax credit, so that the funds go towards films that ultimately get watched and appreciated,” (paraphrased)
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2024-08-27 19:25