By Eric Berman
7/9/2009
Last week's budget deal chops in half a state tax break for shooting movies or TV productions in Indiana.
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Even before the state's finances went south, Governor Daniels called a $5 million tax credit for film productions a waste of money. The legislature passed it over his veto last year.
This year, lawmakers flirted with repealing it before settling for cutting the maximum credit to $2.5 million, and eliminating a sales tax exemption.
Roger Brummett is associate producer on a planned movie about the first Indy 500, which plans to start shooting next May in Indianapolis and in Newton County. He says a repeal would have forced filming out of state.
Keeping the credit, even in reduced form, means "500" can remain an Indiana production. Brummett says other productions' decisions will depend on their budgets, and on what other states do. He notes Michigan has been considering getting rid of its tax credit to help close a budget deficit.
"I would think (the smaller credit) would open up a window for films the size and structure of (our) film to be attracted to Indiana and its resources," Brummett says. "For a big-budget film, it's probably not enough."
"500" reteams screenwriter Angelo Pizzo and producer David Anspaugh, who previously worked on the Indiana sports movies "Hoosiers" and "Rudy." Anspaugh directed both those films, but "500" will be the first feature for Indianapolis-born director Justin Escue.
No actors have been cast, but Brummett predicts at least one "major star" will be attached to the project.
"500" is aiming for a release to coincide with the centennial of the first 500, in May 2011.
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