‘Michael’ Sequel to Get $31 Million in California Tax Credits
Key Takeaways
- The 'Michael' sequel received $30.8 million in California tax credits.
- The credit rate increased to 35% of qualified costs, up from 17.5% for the original.
- The California Film Commission approved $226 million in total for 35 films.
- Other studios like Disney, Warner Bros., and New Line Cinema also secured funding.
Lionsgate's 'Michael' sequel has been awarded $30.8 million in tax credits as part of a $226 million allocation by the California Film Commission for 35 different film productions. The original 'Michael' previously utilized state support before achieving massive box office success.
Under the updated California tax credit program, the sequel will receive 35% of qualified production costs, a significant increase from the 17.5% rate applied to the first movie. Additional major studio projects, such as New Line Cinema's 'Friday' sequel and upcoming films from Disney and Pixar, also received millions in state funding.
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