Italian tax breaks get EU approval
Incentives capped at $7 million per projectLONDON -- Italian producers breathed a sigh of relief Monday as it emerged that the European Commission has said "si" to Italian state plans to introduce movie production tax incentives.
The move will allow tax breaks of up to 25% of a film's budget for local and overseas productions made on Italian soil.
The incentives are capped at $7 million per project and, according to Italian press reports, are likely to pump millions of dollars into the local production scene.
It follows hot on the heels of France's decision last week to introduce its own incentives to foreign filmmakers.
Germany, France, Italy and the U.K. all now have a system of tax incentives in place to lure productions to their respective territories.