Daily Tax Report: State

DiCaprio’s New Film Gets $18.5 Million in California Tax Credits

April 2, 2019, 1:00 PM

Warner Bros. Pictures is expected to get almost $18.5 million in California tax credits for “Akira,” produced by Leonardo DiCaprio.

“Akira,” which will reportedly be shot entirely in California over 71 days, is the thirteenth big-budget feature film to receive credits under the state’s expanded film tax credit program. The production is expected to generate more than $92 million in qualified spending, according to the California Film Commission.

“We are thrilled with the opportunity to shoot ‘Akira’ in California,” Ravi Mehta, Warner Bros. Pictures executive vice president of physical production and finance, said in an April 2 statement. “The availability of top-notch crew members, plus the wide variety of location choices and predictable weather are second to none.”

The announcement comes more than four months after the commission said Warner Bros. would get nearly $22 million in credits for the production of “Space Jam 2,” starring LeBron James.

California lawmakers in 2014 passed legislation to triple the annual amount available for film and television tax credits, with the goal of attracting more productions to the state. Other big budget films that have shot in California since the tax break expansion include 2018’s “Bumblebee” and the upcoming “Once Upon a Time in Hollywood.”

Other Approved Projects

The commission announced WB’s tax credits for “Akira” along with allocations for 17 other projects, including a New Line Productions, Inc. film called “Stillwater.” That production will earn the company an estimated $7,307,000 in tax credits.

The commission also approved tax allocations for two Paramount Pictures Corp. projects, “Two Days” and “Double Take.” Those productions will bring in $7,112,000 and $6,303,000 in estimated tax credits, respectively.

Other projects approved for tax credits include Post Its LLC’s “The Sky is Everywhere,” Tucker Tooley Productions, LLC’s “Flying Horse,” and more.

To contact the reporter on this story: David McAfee in Los Angeles at dmcAfee@bloomberglaw.com

To contact the editors responsible for this story: Jeff Harrington at jharrington@bloombergtax.com; Patrick Ambrosio at pambrosio@bloombergtax.com

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