The deadline for applications for state tax credits has passed, and now the lottery for that funding begins
Filmmakers hoping for extra funding from the state of California will soon find out their fate.
The California Film Commission hosts its lottery for $100 million in film and TV tax credits Friday, and the 3 p.m. deadline for applications has now passed.
Each application is assigned a lottery number, which an officer picks out, assigning each project a spot in the queue. The better the number, the earlier the Commission will review your application.
If your application passes all restrictions and guidelines, you get a tax credit. Those applicants later in the queue will be put on a waiting list. Those who applied after the 3 p.m. deadline will also go on the waiting list.
The commission has reserved $10 million for films with budgets between $1 million and $10 million. Those projects are eligible for a 25 percent credit, as are existing TV series that filmed prior seasons outside of the state.
Film projects with budgets up to $75 million can secure up to a 20 percent credit. The same goes for TV movies and miniseries with a budget greater than $500,000 and a new TV series licensed for distribution on basic cable with a minimum budget of $1 million.
The commission will release more detailed information about the projects selected on Monday.