Measures aimed at the film industry in the Financial Stability Act 2011
by Camillo De Marco
09/12/2011 - An important measure relevant to resources for film-related activities is included in the regulation of November 12, 2011, n. 183, known as the Financial Stability Act (former “financial act”) 2012, published in the Official Journal of November 14, 2011.
In fact, Art. 24, paragraph 1, mandates that the amounts allocated, but ultimately not used for the “tax credit”, be reallocated towards financing the Fund for film-related activities of which to Art. 12 of the decree 28-2004 (aka “film regulation”), normally funded by the Entertainment Industry Fund<:b> (Fus). The distribution of these particular “additional” resources for the film Fund will be carried out by decree of the Ministry for Cultural Goods and Activities.
Moreover, the same provision as in art. 24, repeals the specific tax relief – different from the tax credit – called a “tax shelter” (a tax reduction on profits to reinvest in making and/or distributing film works), which, introduced with an “experimental” aim, has been used by a very limited number of interested businesses. The laws described will enter into force on January 1, 2012.
(Translated from Italian)