Film incentive born at market
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New Jersey-based Tax Credits, which specializes in securing and monetizing tax credits, and London-based International Film Finance, which assists in film financing transactions, have joined forces to launch the new Film Incentive Loan Program at the American Film Market.
The program will allow production companies to collateralize their film incentives. The venture will be supported by a $400 million credit facility.
Tax Credits will introduce the new program and offer a briefing on film production tax incentives at the Doubletree Santa Monica Hotel at 10:30 a.m. Sunday.
"We have successfully set up funding structures for film rebates, subsidies and credits throughout Europe and Canada over the past year and saw a great, complementary opportunity in the states as the film incentives market there is exploding," IFF CEO Jim Reeve said. "While considering suitable partners, the name Tax Credits Llc. kept surfacing as an ethical and professional company with a national presence."
Tax Credits co-founder Bruce Deichl said: "The hardest part in moving this venture forward was quantifying the risk of each state's credit or rebate for our lenders. The key to a "risk-free" and therefore marketable tax credit lies in the legislation ... so we successfully took on the charge of getting it changed in several states, and the door was opened for our program."