French expand tax breaks to int'l projects
Government hoping to attract productionPARIS -- The French government is hoping to attract production by extending its national tax breaks to international films.
France's cultural and finance ministries have outlined plans to extend the country's 20% tax breaks for French films to all foreign titles in an effort to increase employment in the sector.
After seeing many local films head to Eastern European countries due to cheaper production costs, the government created the "credit d'impots" tax write-off system four years ago in order to encourage local production.
The state wants to extend that plan, which saw 120 French productions benefit in 2007, to foreign films, following similar moves in the U.K. and Germany.
The tax breaks will be limited to productions spending less than €4 million ($6.3 million) in France, which prove to have "elements relating to French culture, heritage or the land itself."