January 31, 2005
In this newsletter:
"HUSTLE & FLOW" WINS SUNDANCE AUDIENCE AWARD
Congratulations to our client, writer/director Craig Brewer. His film, "Hustle & Flow," won the American Dramatic Audience Award at the Sundance Film Festival. Winners were announced yesterday at the Park City Racquet Club. The film sold to Paramount for $9 million earlier in the week.
"Hustle & Flow" is the story of a Memphis pimp who wants to be a rap star. The picture stars Terrence Dashon Howard, DJ Qualls, Ludacris, and Taryn Manning. The film should be in theaters this summer.
“THE MATADOR” SELLS TO MIRAMAX
Congratulations to our client, writer/director Richard Shepard. Miramax bought distribution rights to his film, “The Matador,” for $7.5 million at Sundance.
“The Matador” is a quirky thriller that stars Pierce Brosnan as a lonely hitman and his friendship with an unsuspecting couple from suburbia played by Greg Kinnear and Hope Davis.
CONGRATULATIONS TO “MARILYN HOTCHKISS”
Congratulations to our clients Art Klein, executive producer, and Eileen Craft, producer of “Marilyn Hotchkiss Ballroom Dancing and Charm School.” Their film received a standing ovation from the Sundance audience after its world premiere screening and got a thumbs-up review from Ain’t It Cool News. “Marilyn Hotchkiss” tells the tale of a widower whose life is changed when he goes to search for a dying man’s lost love. The film stars Robert Carlyle, Marisa Tomei, Mary Steenburgen, Sean Astin, Donnie Wahlberg, David Paymer, Camryn Manheim, Adam Arkin, Sonia Braga, Elden Henson, Ernie Hudson, Miguel Sandoval, Danny DeVito, John Goodman.
Click here for the review.
BRITISH COLUMBIA ROLLS OUT NEW INCENTIVES
In response to the new TV and film production incentives announced by Ontario and Quebec provinces, British Columbia has introduced legislation to step up its own tax incentive plan. The new incentives, which will be introduced to the provincial legislature in February, will increase the foreign production service tax credit to 18 percent, and raise the domestic tax credit to 30 percent.If ratified, the increases will take effect Jan. 1, 2005, and continue until Mar. 31, 2006. The move is seen as an attempt to keep productions from heading to the eastern provinces.
Click here for B.C.'s current film and television incentives.
COPYRIGHT & DISCLAIMER
Mark Litwak & Associates grants newsletter recipients permission to copy and distribute this newsletter and distribute it free of charge, provided that copies are distributed for educational and non-profit use, no changes or revisions are made, all copies clearly attribute the article to its author and include its copyright notice.
DISCLAIMER: While we are careful in preparing this newsletter, readers should consult with a lawyer before relying on any information. Case law and statutes are subject to change, and may not apply in all jurisdictions.
Copyright 2005, Mark Litwak
Monday, January 31, 2005
Monday, January 24, 2005
CONGRATULATIONS TO OUR CLIENT, CRAIG BREWER
January 24, 2005
In this newsletter:
CONGRATULATIONS TO OUR CLIENT, CRAIG BREWER
Congratulations to our client, director and writer Craig Brewer. His film, "Hustle & Flow," was picked up for distribution by Viacom at the Sundance Film Festival for a $9 million advance. It’s part of a $16 million distribution deal -- the biggest deal ever closed at Sundance.
Viacom plans to distribute the film through all of its media channels, with theatrical to be released this summer by Paramount's not-yet-named indie films mini-major. "Hustle & Flow" will be backed by a $15 million P&A campaign primarily funded by Paramount and MTV.
"Hustle & Flow" is the story of a Memphis pimp who wants to be a rap star. The picture stars Terrence Dashon Howard, DJ Qualls, Ludacris, and Taryn Manning. It will continue to screen at Sundance all week.
In this newsletter:
CONGRATULATIONS TO OUR CLIENT, CRAIG BREWER
Congratulations to our client, director and writer Craig Brewer. His film, "Hustle & Flow," was picked up for distribution by Viacom at the Sundance Film Festival for a $9 million advance. It’s part of a $16 million distribution deal -- the biggest deal ever closed at Sundance.
Viacom plans to distribute the film through all of its media channels, with theatrical to be released this summer by Paramount's not-yet-named indie films mini-major. "Hustle & Flow" will be backed by a $15 million P&A campaign primarily funded by Paramount and MTV.
"Hustle & Flow" is the story of a Memphis pimp who wants to be a rap star. The picture stars Terrence Dashon Howard, DJ Qualls, Ludacris, and Taryn Manning. It will continue to screen at Sundance all week.
Monday, January 17, 2005
CONGRATULATIONS TO OUR SUNDANCE ENTRANTS
January 17, 2005
In this newsletter:
CONGRATULATIONS TO OUR SUNDANCE ENTRANTS
Congratulations to our clients whose films have been selected for the upcoming 2005 Sundance Film Festival. Screening times are listed, however times and locations are subject to change. Please check with the box office or the Sundance website at festival.sundance.org/2005/ for any updates. Director and Writer Craig Brewer, “Hustle & Flow” (Dramatic Competition) The film stars Terrence Dashon Howard, DJ Qualls, Ludacris, and Taryn Manning.
In this newsletter:
CONGRATULATIONS TO OUR SUNDANCE ENTRANTS
Congratulations to our clients whose films have been selected for the upcoming 2005 Sundance Film Festival. Screening times are listed, however times and locations are subject to change. Please check with the box office or the Sundance website at festival.sundance.org/2005/ for any updates. Director and Writer Craig Brewer, “Hustle & Flow” (Dramatic Competition) The film stars Terrence Dashon Howard, DJ Qualls, Ludacris, and Taryn Manning.
Tuesday, January 11, 2005
NYC OFFERS A NEW TAX INCENTIVE TO FILMMAKERS
January 11, 2005
In this newsletter:
NYC OFFERS A NEW TAX INCENTIVE TO FILMMAKERS
New York City Mayor Michael Bloomberg recently signed legislation that provides an additional 5% refundable tax credit to filmmakers shooting in the city. The credit is part of a package of “Made in NY” incentives intended to encourage more productions in the city itself, and is in addition to the 10% refundable tax credit given by the state of New York.
The NYC tax credit is applicable to all costs of below-the-line tangible property or services used or performed within any of the five boroughs of New York City. The costs must be incurred directly and predominately in the pre-production, production, and post-production of a qualified film.
The refundable tax credit is applied against the production company or film owner’s New York State taxes. Fifty percent of any unused, earned credits may be carried forward to the following year. If those credits are still unused, they become fully refundable to the production company or film owner in the third year.
Productions eligible to apply for the “Made in NY” credit include feature length films, made-for-TV movies, television pilots, and television series, and the productions must be completed sometime between this year and 2007. To qualify, 75% of the total stage work must be conducted in a qualified New York City facility. If the production spends at least $3 million during production of the film at the qualified facility, the production company is eligible for the entire 5% tax credit refund. If the production spends less than $3 million at the qualified facility, but spends at least 75% of its location days in NYC, the production company is also eligible for the entire 5% tax credit refund. If the production spends less than $3 million and shoots less than 75% of its location days in NYC, the production company will only receive a tax credit refund for the qualified costs at the qualified facility. Credits are offered on a first come, first served basis.
For more information, contact the City of New York Mayor’s Office of Film, Theatre and Broadcasting: www.nyc.gov/html/film/html/index/index.shtml .
In this newsletter:
NYC OFFERS A NEW TAX INCENTIVE TO FILMMAKERS
New York City Mayor Michael Bloomberg recently signed legislation that provides an additional 5% refundable tax credit to filmmakers shooting in the city. The credit is part of a package of “Made in NY” incentives intended to encourage more productions in the city itself, and is in addition to the 10% refundable tax credit given by the state of New York.
The NYC tax credit is applicable to all costs of below-the-line tangible property or services used or performed within any of the five boroughs of New York City. The costs must be incurred directly and predominately in the pre-production, production, and post-production of a qualified film.
The refundable tax credit is applied against the production company or film owner’s New York State taxes. Fifty percent of any unused, earned credits may be carried forward to the following year. If those credits are still unused, they become fully refundable to the production company or film owner in the third year.
Productions eligible to apply for the “Made in NY” credit include feature length films, made-for-TV movies, television pilots, and television series, and the productions must be completed sometime between this year and 2007. To qualify, 75% of the total stage work must be conducted in a qualified New York City facility. If the production spends at least $3 million during production of the film at the qualified facility, the production company is eligible for the entire 5% tax credit refund. If the production spends less than $3 million at the qualified facility, but spends at least 75% of its location days in NYC, the production company is also eligible for the entire 5% tax credit refund. If the production spends less than $3 million and shoots less than 75% of its location days in NYC, the production company will only receive a tax credit refund for the qualified costs at the qualified facility. Credits are offered on a first come, first served basis.
For more information, contact the City of New York Mayor’s Office of Film, Theatre and Broadcasting: www.nyc.gov/html/film/html/index/index.shtml .
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