Tax shelter law in home stretch
The Chamber of Deputies has approved an amendment to the 2008 Financial Act that would offer tax relief in the form of a tax shelter for all companies working in the film industry who reinvest their profits in production.
Presented by Deputies Gabriella Carlucci and Willer Bordon, the proposal includes tax deductions of up to 40% of the production and distribution costs of Italian films. These benefits would be available only if the majority of any given investment is dedicated to producing domestic films.
Also included are contributions to Italian theatres and multiplexes for the acquisition of digital equipment and the allocation over three years of €20m for technological modernisation.
The law further modifies programming and investing obligations for private and public broadcasters, favouring Italian and European audio and video product.
The amendment, which was welcomed by industry operators, must now await approval in the Senate as well as ratification by the European Union.
(Translated from Italian)
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