We are fast approaching the end of the year and that means you have two weeks left to grandfather your Section-181 benefit.
Indie producers are on a relentless quest to find the elusive "final 20%" of their budgets. They've raised the equity, made the presales, maxed the gap, and still they come up 20% short. Even with a whopping 40% cash rebate! So why then are they still stumbling around trying to fill that final 20% of their budgets?! Because producers can't get out of their own way.
The new tax bill that President Obama recently signed into law will extend the Section 181 film tax credit to the end of 2011. In addition, it can be applied retroactively to all qualifying films produced in 2011 AND 2010!
The U.S. House overwhelmingly passed its first significant crowdfunding legislation, allowing entrepreneurs to crowdsource up to $2 million per year.
It may surprise Chicagoans to hear, but Movie Studios don’t care about the Illinois tax incentive. In general, the only studio films that come to Illinois are those that have already established themselves with the "Cheaper than New York to film" Chicago look, like 'The Dark Knight', or those films that actually need Chicago, ‘Public Enemies’...
David Molner and David Bergstein are two of the smartest people in the business. Unfortunately, as has been proven many times over, the smartest guys in the room can make the worst decisions; and those decisions usually rely too much on smarts and not enough on judgement. The smarts recognized the potential for profits -- but the judgement knew the risk was too great.