What you may not know is when making movies its all about knowing where to film and repping the benefits of tax credits. Well, the upcoming Sherlock Holmes sequel and the upcoming Purge 5 will receive big bucks from California.
See, the upcoming Sherlock Holmes 3 and upcoming Purge 5 are two of the 10 films set to receive a boost from the state’s tax credits program managed by the California Film Commission. Read on…
CelebNMovies247.com reports that both films, Sherlock Holmes 3 and upcoming Purge 5 that will be filmed in the Golden State emphasizing job creation and spreading the wealth to keep production in the home of Hollywood.
Sherlock Holmes 3 which will have the return of Robert Downey Jr., Jude Law and Rachel McAdams lands a $20,847,000. California tax credit coming as the biggest of the 10.
As for the fifth and likely final Purge (Purge 5) offering from Blumhouse is set to receive $6,448,000. and the remake of Little Shop of Horrors will be getting $9,644,000. Even another American Pie treat among the five “non-independent” and five independent films got a piece of the lucrative pie at $1,050,000.
Here is the breakdown on Sherlock Holmes 3 + Purge 5 California Tax Credits:
Scoring a trio of credited films selected to receive a total of $37.955 million from state funds makes AT&T-owned Warner Bros the big winner for this latest feature allocation cycle, which ran from June 17-21.
Filming mainly outside the LA 30-mile studio zone, the Dexter Fletcher-directed Sherlock Holmes 3 is expected to splash around $106.8 million in “qualified expenditures” during production, says the now Colleen Bell-led CFC. The only movie that has funneled more money back into the state’s economy since the program was revamped five years ago has been Disney/Marvel’s blockbuster Captain Marvel. Having scored $20.76 million in credits two years ago, the Brie Larson-starrer had $118 million in that qualified spending during its production.
However, Blumhouse isn’t doing too bad either this morning. Purge 5, to be released on July 10, 2020, was the fourth highest-rewarded film on the list made public today. It is also the second Purge movie to get money from California after Purge 2 also saw millions from the tax incentive program back in 2013. That was the year before then-Gov. Jerry Brown signed a widely supported bill jacking the state’s program from a fairly non-competitive $100 million a year to $330 million, allowing films with budgets over $75 million to apply and pulling the plug on the disastrous lottery system that had determined who got what previously.
Who will be among the lucky Tinseltown winners on the big and the small screens next Depending on how many previously rewarded TV shows are grandfathered in to another round based on renewals, we’ll find out in mid-December which series have been rewarded tax credits after the upcoming November 4-8 application period. For movies, the next round is October 7-11. The lucky ones in that round will be made known around November 11, we hear.