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ITALY'S NEW CULTURE MINISTER NAMED; ARTS BUDGET REINSTATED TO 2010 LEVELS
Galan’s entry is accompanied by the executive branch of the government reinstating the overall arts budget back to 2010’s levels of $608m (€428 m):
"Arts fund has been stabilized and the tax credit too, will be stable and permanent.” the Government said. Italy’s tax credit law was just renewed for a second run through 2013. It allows foreign productions to reap benefits up to 25% of production spend.
ITALIAN GOVERNMENT APPROVES CONTINUATION OF FILM TAX INCENTIVES
TAX INCENTIVES FOR THE FILM BUSINESS - LEGGE FINANZIARIA 2008 - LAW 244 OF 12/24/2007
The national companies for executive production (“Production Services”) and post-production are granted a tax credit for the tax year following that in course at 31 December 2007 and for the two tax years following, regarding films or parts of films shot on national territory, utilizing Italian labour, commissioned by foreign producers. Said tax credit amounts to 25 per cent of the production cost of an individual work but in any case with a maximum limit per film of Euro 5.000.000
Click on the link below for the full text of the law
Link: http://ape-italy.com/interno.asp?lang=eng&id_dettaglio=&id=18&sezione=RISORSE