Funding system overhauled, state becomes co-producer
There has been a change in the funding of films of cultural interest, for which (until December 31, 2006) allocated state funds had to be returned within three years. Minister of Culture Francesco Rutelli has signed a new law stipulating "the state’s temporary acquisition of a film’s rights, five years after the allocation of monies, where at least a portion of the state funds have not been returned".
Essentially, the state will become co-producer of the films it finances on the basis of the ratio of funds allocated to the film’s overall cost. If, for example, the state contributes €500,000 to a €2m film, it would own 25% of the film.
The law furthermore includes the simplification and rationalisation of the procedures of funding restitution and an optimized use of the quota of state funds annually set aside for film production.
(Translated from Italian)
Did you enjoy reading this article? Please subscribe to our newsletter to receive more stories like this directly in your inbox.