Italy's film industry adding extra cash
Ministry of culture plans $88 mil infusionROME -- The Italian cinema industry will add 70 million euros ($88 million) to state coffers over the three-year period ending in 2010, Italian showgirl-turned-member of parliament Gabriella Carlucci said Tuesday.
According to Carlucci, who helped Minister of Culture Sandro Bondi author a significant change to Italy's film sector tax laws, the change would have a total cost of 23 million euros ($29 million) but would increase revenue from new projects totaling some 93 million euros ($116 million) for a net gain of 70 million euros ($88 million).
"So the plan Minister Bondi and I put forth creates an extra 70 million euros in revenue that would not have been there under the rules of the previous government," Carlucci said.
Italy notified the European Union in August that it will use the maximum available allowance for tax shelters for film production at the expense of traditional film funds.