07 Jul 048: Tax Credits – Don’t Leave Money On The Table
Producer Elizabeth Turner Fox discusses tax credits, getting meetings with sales agents, and what sells in Asia.
Producer Elizabeth Turner Fox has branched out from China and is finding opportunities in South East Asia. Additionally, She talks about how networking at online film markets has enabled her to find business partners. In the second place, she advises having a director attached will make financing your film a lot easier.
FIVE KEY POINTS
FINANCING YOUR FILM WITH TAX CREDITS
Chiefly, you should look into film tax-credit financing. What are film tax credits? A film tax credit is a type of incentive offered by some governments to offset the cost of production for films.
According to Filmmaking Lifestyle, “The credits are generally given in exchange for employing domestic workers and using local resources, which can be an effective way to encourage regional economic development.”
SHOW ME THE MONEY – WITH TAX CREDITS
Likewise, for a great guide on the various tax credits – check out Studio Binder’s article – Film Tax Credits: How to Save Money
Additionally, they go into detail about the number of state incentives/tax credits you can get. Moreover, they also break down the various kinds of tax credits which include: movie production incentives, film tax credits, cash rebates, grants, sales tax exemptions, lodging exemptions, and fee-free locations
Equally important, you should check out Entertainment Partners website which gives current information on US and foreign tax credits. Entertainment Partners. This is a consulting group that gives advice on production finance, production incentives, and a lot more. Also, you can check out a link to their website in the show notes.
CONNECTING WITH PRODUCERS
While trying to get meetings at upcoming film markets, you may find sales agents and producers will tell you they are too busy. Elizabeth’s most successful meetings were ones she arranged for one week after the market. This is key. Don’t offer to meet sometime in the future. Nail down the week after the market so you get in your target’s calendar close to the market. In your first email or call to your target – ask for a meeting during or one week after the market. As the saying goes, the money is in the follow-up.
WHAT SELLS IN ASIA?
With this in mind, Elizabeth said Asian buyers are very keen on content that promotes Asian talent overseas. There are endless local films that don’t travel outside their borders. Truly, you will be in the driver’s seat if your script promotes Asian talent and can attract a wide audience. To clarify, Asian buyers are looking eager to find these projects. For that reason, make sure you get on their radar.
WHAT I REALLY WANT TO DO IS DIRECT
Likewise, Elizabeth suggests that you get a director on board. Critically, t’s much harder to raise financing and attract sales agents and actors if there is no director attached. And even an LOI – a letter of interest from the director is enough to attract other partners.
Check out related content
Asia-Hollywood Greenlight Podcast – Episode 48
Elizabeth Turner Fox – Producer
Host: Caryn McCann
Twitter: @AHGreenLight https://twitter.com/AHGreenLight
Guest: Elizabeth Turner Fox – Producer
Film Tax credits: https://bit.ly/3umvNQF
Film Tax Credits: How to Save Money https://bit.ly/3Amxj9b
Entertainment Partners: https://bit.ly/3NIE08G
California Film commission https://film.ca.gov/tax-credit/
Malaysian film incentive program: https://bit.ly/3bL8DwO