$31M in Tax Credits for Michael Sequel Visuals and Action
The cinematic landscape is buzzing with fresh funding, as the California Film Commission has just released its latest batch of tax credit approvals, signaling a significant boost for the industry. And leading the charge? The sequel to the beloved Michael Jackson biopic.
Lionsgate secured a massive $30.8 million in state tax incentives for “Michael 2,” making it the second-largest sum among the 35 films set to receive a share of the $226 million in credits offered this round. This financial windfall highlights how much the state is investing in bringing major cinematic projects to life.
The success of the sequel underscores the growing generosity of California’s tax credit scheme. While the original “Michael” film received $21 million in credits, the current structure is making sequels more accessible. The new scheme allows for 35% of qualified costs to be covered, a significant increase from the original 17.5% rate, which should make follow-up projects more viable for production houses.
The excitement isn’t limited to blockbuster biopics. A wide array of projects, spanning genres from crime thrillers to comedy and horror, also enjoyed substantial financial boosts. Disney was a clear winner, collecting $40.1 million for an untitled Pixar film.
Other major films also secured impressive credits, including $29.3 million for an untitled Paramount crime thriller, $18 million for an untitled Disney live-action feature, and $13 million for an untitled Warners comedy. Further wins were claimed by the horror genre, with an untitled film from 20th Century Studios receiving $12.2 million, and the newest entry in the “Friday” comedy series, starring Ice Cube, earning $11.4 million.
The financial wave extends to independent creators as well. Several indie films are also scoring several million dollars each, demonstrating the diverse appeal of California’s creative ecosystem. This includes Mike Mills’ next project, the “Maniac Cop” remake, and the Florence Pugh-led film “cassandra at the wedding.”
Overall, this round of approvals paints a compelling picture: a robust system designed to support creative risk-taking, ensuring that ambitious stories, whether biographical or comedic, thriller-based, or indie-driven, have the financial runway they need to hit the screen. The future of California filmmaking looks incredibly bright.
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