Inflation Reduction Act Used to Fund Indie Film
From Football to Film Producer: "Travis Kelce’s Debut as a Film Producer Is Also the First Movie Financed by Joe Biden’s Green Energy Tax Credits"
Travis Kelce (serving as executive producer) is using the president’s renewable energy tax credits to finance the film “My Dead Friend Zoe” (cost is less than $10M – and this film is the first to take advantage of the Inflation Reduction Act to finance a film).
The Inflation Reduction Act, which was passed in August 2022, marks “the single largest investment in climate and energy in American history.
“My Dead Friend Zoe” used money generated by green energy entrepreneur Mike Field’s sale of surplus tax credits. (Field is also a producer on the film.)
Film Financing is risky (on a scale of one to 10, it is a 9.5, especially in terms of independent film). These federal tax credits take the risk down to a five.
Travis Kelce and the other producers of “My Dead Friend Zoe” are using the same strategy to finance a second film, the Jean-Michel Basquiat documentary “Pleasure King.”
Could this spark a trend in Hollywood of employing the Inflation Reduction Act as a way to raise funds and bolster the flagging indie film sector?
I will keep you posted on that!