EXCLUSIVE: A landmark 45M shekel ($13M) tax rebate for Israeli TV and film productions passed into law at the very last moment before the government collapsed this week.
The rebate, which was first introduced late last year and applies for two years after approval, will provide 30% of the budget to shows or films made for a minimum investment of 500,000 shekels ($145,000). Overall, it is worth 45M shekels ($13M) across the first two years.
Funding can be obtained through an Israeli production company and the cash will only be made available for TV drama, film and documentary.
The Israeli industry has given the world critically-acclaimed drama including Fauda and Shtisel and the production sector had long desired a shot in the arm, similar to incentives in places like the UK that has transformed local production.
Tzvika Goldman, CEO of the Israeli Producers Association, welcomed the legislation, which arrived “in the 90th minute before the dispersal of the Israeli Parliament” and was the result of the collaboration of five different ministries, he said.
The government’s collapse, however, which could lead to a fifth Israeli election in just three years and pave the way for the return of Benjamin Netanyahu, has stalled Israeli producers’ push for more rights and regulation.
Deadline revealed in April that the IPA had been working on gamechanging legislation that would have, amongst other areas, allowed producers to retain 50% rights to their programs and forced the streamers to commission a certain amount of local content in line with European nations such as France. Netflix subsequently led a charm offensive in late May, with EMEA Vice President, Head of Original Series, Larry Tanz, spending five days in the nation speaking to talent, execs and key funders.
That legislation will now have to wait until the new government is formed before being examined again.
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