June 05--The hit series "Teen Wolf" is a top-ranked cable show among young viewers.
On Tuesday, the MTV series was approved for an estimated $11-million tax credit for its fourth season -- by far the highest among 31 projects that won a piece of the $100 million the state awards annually to film and TV projects, state records reviewed by the Los Angeles Times show.
TV shows are eligible to receive a tax credit equivalent to 20% of qualified production costs. The credit can be used to offset any sales of business tax company the production has with the state.
"Teen Wolf" was approved for a $10.4 million tax credit last year after moving to L.A. from Georgia (TV shows that have previously been approved for credits automatically qualify in subsequent years).
The teen drama was among two relocating series selected this year, the other being the TNT crime drama "King & Maxwell," which is moving production from Vancouver, Canada.
The second highest allocation in this year's film credit lottery went to the TNT show "Major Crimes," which received a $9-million credit for the third season," followed by another TNT show, "Rizzoli & Isles" and ABC Family's "Pretty Little Liars," which were approved for $8.5 million and $8 million respectively.
In all, a dozen cable series made the cut, while 14 feature films qualified for state funds, the vast majority of them low-budget feature films. Few studio films qualify because California's program only applies to movies with budgets under $75 million. Among them is a Warner Bros. movie version of the HBO TV series "Entourage," which is eligible for a $5.8 million credit under the state's film incentive program, now in its fifth year.
(c)2013 the Los Angeles Times
Visit the Los Angeles Times at www.latimes.com
Distributed by MCT Information Services
A service of YellowBrix, Inc.
Most Popular Stories
- Dmytro Firtash, Ukrainian Billionaire, Arrested in Vienna
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Liberty Media Drops Sirius Bid
- Obama's Overtime Initiative Praised, Condemned
- Uli Hoeness, Bayern Munich President, Gets Prison for Tax Evasion
- Republicans Warn Obama on Immigration
- Lady Gaga Roasts Self on Spit at SXSW
- West Readies Harsh Sanctions Against Russia
- Calumet Photo Files for Bankruptcy
- Drake Wins Big MTV's Woodie Awards at SXSW