Tax Credit - Italy

http://www.filminginitaly.com/tax_00.aspx
The Italian Parliament has enacted a law providing for generous tax credits for investments in Italian films. The purpose of the law is to provide an incentive for the investment of resources in Italy. The support is available for works of Italian nationality (involving minimum content shot or expenses incurred in Italy), those originally expressed in the Italian language, or those of cultural interest.
In effect for the tax years 2008, 2009, and 2010, the law provides for tax credits of up to €5 million ($6.5 million) for producers, distributors, movie theater owners, and technical industries. The law also provides for the sheltering of profits, not only for film production and distribution companies, but also for companies not previously operating within the film sector. The limits for these shelters start out at a maximum of €5 million ($6.5 million) for the 2008 tax year and increase to €10 million ($13 million) for 2009 and €15 million ($19.5 million) for 2010.
The implementation of the law is subject to European Union approval to ensure that it complies with EU guidelines with regard to aid at the national level.
Remember to exclude the tax credit from your film budget.
Check QuickFilmBudget.com for a sample film budget!