Shyamalan. CA Tax Credit.
This is an odd pairing. M. Night Shyamalan’s upcoming romantic thriller, Remain is a collab between him and Nicholas Sparks (author: The Notebook). Shyamalan will write the script in parallel with Sparks writing a book. Believe it or not, this is actually how Kubrick worked with Arthur C. Clarke on 2001: A Space Odyssey.
Here’s the synopsis for Remain, which stars Jake Gylenhaal and Phoebe Dynevor (Fair Play):
New York architect Tate Donovan (Gylenhaal) as he arrives in Cape Cod to design his best friend’s summer home. Donovan is looking for a fresh start after his recent discharge from a psychiatric facility where he was treated for acute depression. Still grappling with the loss of his beloved sister, Donovan meets Wren (Dynevor), a young woman who makes him challenge everything he knows about his logical and controlled world.
The book comes out on Oct. 7, no word on production dates.
California’s proposal to more than double its tax incentives to $750 M has just gotten one step closer to passing. It passed in California’s Assembly Committee for Arts, Entertainment, Sports, and Tourism. Next step: a hearing at the Assembly Revenue and Tax Committee next week. The bill still needs to pass in the Senate.
If it does, CA will increase its tax incentive from 25% to 35% for projects shooting in LA to lure more productions back to the state.
The Senate’s bill proposal would extend the tax credit to:
TV shows with episodes running 20 min (previously: 4o min)
Animation films, series, shorts, and large-scale competition shows (with budgets of $1M or more)
Double tax incentives to $750 M
This increase from the current $330 M/year would help bring production back to the state after COVID, labor strikes, an M&A hellscape, and the wildfires.
This is much needed, as the film industry's dire contraction has driven production jobs out of California. TV shows filmed in LA are down 22.8%, and streaming shows are down 28%.
Recently, the California Film Commission awarded a record 43 indie films with tax credits.
If the proposal passes, it will go into effect July 1st, 2025.