California Approves $30.8 Million Tax Credit for Lionsgate's Michael 2
The California Film Commission's latest round allocates $226 million across 35 films, including $40.1 million for an untitled Pixar project.
The California Film Commission has approved $30.8 million in tax credits for Michael 2, the Lionsgate sequel, as part of a $226 million allocation for 35 films, according to Variety.
The round includes $40.1 million for an untitled Pixar film, the largest single allocation disclosed. Warner Bros. was approved for $13 million and Paramount for $29.3 million, both for untitled projects.
New Line Cinema will receive $11.4 million in credits for its upcoming Friday sequel. The allocation also funds 28 independent films, among them Leaves of Glass.
Context
The original Michael received $21 million in state credits before grossing more than $1 billion at the box office. California's tax credit now covers 35% of qualified costs, compared with 17.5% for the first film. In June, Pixar received a $28.7 million allocation for another untitled film.
Quick answers
How much did California approve for Michael 2?
The California Film Commission approved $30.8 million in tax credits for the Lionsgate sequel.
Which studio received the largest allocation in this round?
Pixar received $40.1 million for an untitled film, the largest allocation disclosed.
How many films received incentives?
35 films received a total of $226 million, including 28 independent films.