A recovering economy can be very discouraging for entrepreneurs. Jobs are scarce so developing nontraditional skill sets could prove to be beneficial. In the area of filmmaking writing and producing has always opened doors to creating jobs. The hit show Burn Notice employs more than 150+ jobs per day.
Becoming a filmmakers isn’t an easy feat but not impossible either. Putting a good script is the first step. Learning the ends and outs of the business is invaluable as no film maker can produce without a script and its supporting documents(Not even Spielberg).
Most states understand the economic value of filmmaking and give filmmakers incentives called “Tax Credits”. Tax credits allow filmmakers to leverage financing against an allocated amount of funding towards production in that state. Basically the state will give you funding in exchange for creating jobs in there state.
More and more states are leaning on our countries non-traditional talent to help boost our nation’s economy. New York Gov. Andrew Cuomo has signed into law a bill that increases the state’s post production cost incentive to 30% from its previous rate of 10%. This incentive is the first of its kind in this country says the Post New York Alliance, an association of film and television post production facilities and labor unions operating in New York.
On the side of the tracks, Los Angeles filmmakers are battling a state deficit of $160 billion and 12% unemployment rate according to Gov. Jerry Brown. California government allocates $100 million an amount significantly less than what New York allocates for qualified product expenses. Currently, a bill has been issued to extend California’s 20%-25% tax rebate to July 1, 2018. “Over the last several years, schools have taken $20 billion in cuts so we oppose anything that is going to reduce revenue to the general fund,” said Frank Wells, spokesman for the CTA. A study by Los Angeles County Economic Development Corp. found the program pumped $3.8 billion into the state’s economy and created more than 20,000 jobs in its first two years.
California’s new extension bill will surely keep California and California’s filmmakers in the game.