AS OF NOW, Michigan’s film incentives funding is close to being maxed out. A comparatively meager $2.25 million remains out of the current $25 million film fund, and that has to last until Dec. 25, according to the Michigan Office’s recently released semi-annual report.
Meanwhile, 28 movie and TV projects are competing for incentives from among the remaining funds. To date, the MFO has approved 14 projects eligible for $22.75 million in incentives, based on spending of $54.6 million.
According to the MFO report, 69 productions, from Jan. 1 to July 1, applied for incentives requesting $196.2 million in cash rebates, on a total of $493.6 million they wanted to spend in Michigan.
In the first 18 months of the 40-42% incentives, before Gov. Rick Snyder quashed them last February, Michigan enjoyed film/TV revenues of around $300 million.
MFO director Carrie Jones says Snyder recently signed into law SB 383. “This is the ‘up-to’ legislation amending the current statute to allow the Film Office to negotiate with projects on the approved percentage for their project.”
“[This] will allow us more flexibility to stretch the funding available to award in 2011. The law is only in effect through the end of the year, and sunsets when the existing tax credit structure is eliminated along with the Michigan Business Tax.”
OZ, THE GREAT AND POWERFUL, one of the last films to have been approved for Michigan’s former 40-42% incentives, is the inaugural project to film at the $80 million Raleigh Michigan Studios, the 200,000-sq. ft. complex built in the former General Motors plant in Pontiac.
Although the budget is unknown at this time, Oz is said to be the biggest feature to shoot in Michigan. The production will occupy the studio throughout the rest of the year.
Director is Michigan native Sam Raimi (Spiderman 3) for Roth Productions and distributor Disney. Included in the all-star cast are James Franco as Oz, Mila Kunis as the witch Theodora, Rachel Weisz as her sister Evanora, and Michelle Williams as Glinda, the Good Witch.
