California taxpayers will help fund Lionsgate’s “Michael” sequel, with $30.8 million in state tax incentives for the production.
“Michael 2” is one of 35 films that will receive a total of $226 million in tax incentives in the latest round of approvals from the California Film Commission.
The original “Michael” film also received state support, receiving $21 million in credits, before raking in more than $1 billion at the box office. The California tax credit has become more generous since the first film was filmed and will cover 35% of eligible costs compared to 17.5% for the original.
Warner Bros. and Paramount – now divisions of Skydance – will also raise $13 million and $29.3 million in public funding, respectively, for untitled films. New Line Cinema will raise $11.4 million for its upcoming sequel “Friday,” for a total of $53.7 million for Skydance projects.
New Line’s deal with Ice Cube for “Last Friday” was announced about 18 months ago, and Nia Long recently confirmed that the project is still in the works. The project is described by the film commission as “Untitled Last Friday Sequel.”
“I’m thrilled to produce Untitled Last Friday Sequel right here in Southern California, where our cast and crew live,” Ice Cube, formally known as O’Shea Jackson Sr., said in a statement. “This story has been part of the social fabric of South Los Angeles since our first film 31 years ago, so producing the film here with more than 180 local cast and crew highlights the value of California’s production incentive program. We are grateful for the opportunity to stay local.”
Disney’s Pixar will take home the biggest share this cycle, collecting $40.1 million for an untitled film, which follows a $28.7 million allocation for another untitled Pixar film in June. Disney will also raise another $30 million for two other projects this cycle, both also untitled.
The allocation includes funding for 28 independent films, including an untitled Mike Mills project and “Leaves of Glass,” set in Los Angeles’ Chicano communities.
“We are incredibly excited to showcase a side of Los Angeles rarely seen on camera and to work with the greatest teams in the world,” “Leaves of Glass” producers Victoria Alonso and Tom Culliver said in a statement.
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