The culture decree becomes law. Tax Credit from 5 to 10 ml
by Camillo De Marco
- Increase in the tax credit for cinema in the Government decree approved by a final court decision. Minister Franceschini: the time has come to invest
An increase in the Tax Credit for cinema in the Government’s "culture decree" is approved in Senate by a final court decision. "We’ve just had years of cuts – said Minister for Culture Dario Franceschini - if it’s true that culture is a driver of growth then the time has come to invest."
With a view to attracting foreign investment to the movie production sector in Italy, the ceiling of the tax credit for production firms and technical industries that produce films in Italy, using an Italian work force, films or foreign movie parts has been increased from 5 to 10 million euro. Tax benefits to cinema and to the audiovisual sector increased by 5 million euro from 110 to 115 million.
A tax credit for historic cinemas: small cinemas (in existence since 1 January 1980) will be able to benefit for the years 2015 and 2016 from a tax credit of 30% of costs incurred as a result of structural and technological renovation and modernisation. The tax benefit can also be used to refurbish cinemas that are no longer active.
(Translated from Italian)