10/10/2016 - The new ‘Stop agli amici degli amici’ bill, approved by the Senate, is set to introduce €400 million in funding and tax credits covering 40% of the costs of foreign productions

Italian Prime Minister Matteo Renzi

The new film law is on its way, announced by Italian Prime Minister Matteo Renzi in Florence. “It was approved during the second reading in the Senate, we’re confident that in just a few weeks we’ll get final approval” said Renzi. The law will double the current funding available for films, from €200 million to €400 million, which will be granted under a new mechanism: “ministerial committees will be set up by a system of automatic incentives. Those who qualify will have automatic access to the necessary funds. Gone is the ‘friends of friends’ system”. Renzi highlighted that the new law for the film sector “is not a toy for industry professionals, it’s not being introduced just as a way of making one sector happy whilst the country’s problems lie elsewhere. I think film is a big part of Italy’s heritage”.

The investment in tax credits will also rise from the current €150 million to approximately €260. The Minister of Cultural Heritage and Activities and Tourism, Dario Franceschini, added that “the billion euros generated by tax credits went so well that last year we had to increase the amount, and this year we will be doing the same due to the success of this initiative”.

“It’s an historic day”, said senator Rosa Maria Di Giorgi, rapporteur to the Senate for the film bill, “we’ve reorganised the entire sector on the basis of criteria of innovation, efficiency and merit”. Di Giorgi explained that the reform also sets aside funding for the training of young people. “Approximately €12 million a year (3% of the film fund) will be set aside for adequately training teachers, who will be tasked with educating professionals and audiences of future generations to come. There will also be an extraordinary plan for re-opening cinemas with €120 million to be granted over the next five years, focusing in particular on municipalities with fewer than €15,000 residents. The film bill also instates tax credits for 40% of the costs of foreign productions that choose shooting locations in Italy for their films”.

(Translated from Italian)