Daily Tax Report: State

Showtime’s ‘Penny Dreadful’ Gets $25M in California Tax Credits

March 11, 2019, 5:12 PM

Showtime horror-drama “Penny Dreadful” is on track to get almost $25 million in tax credits for relocating to California, the state’s Film Commission announced March 11.

“Penny Dreadful: City of Angels,” the fourth season of the fantasy series from Showtime Networks Inc., will be the 16th show to move to California as part of the state’s expanded tax credit program. The production, which will relocate from Dublin, has nearly $100 million in qualified expenditures, which means about $24.7 million in tax credits are allocated, the most of any TV project under the program to date.

The show’s production is expected to spend about $99 million on below-the-line wages and other qualified expenditures, and 25 percent of that is eligible for the credit as part of the incentive program. The show will employ more than 500 cast and crew members.

“With its established track record and top of the line production value, a relocating series like ‘Penny Dreadful’ brings long-term jobs and significant in-state spending,” California Film Commission Executive Director Amy Lemisch said in a statement. “Global competition and increasing reliance on VFX make it possible for projects set almost anywhere to film wherever they get the best value. We’re delighted that California crews and service providers will benefit directly from this project, which is set in our own backyard.”

The news comes eight months after the commission announced that NBC’s “Good Girls” was on track to get almost $9.3 million in tax credits for relocating to the Golden State.

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; Megan Pannone at mpannone@bloombergtax.com

To read more articles log in. To learn more about a subscription click here.