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Marvel Studios Returning to Ohio for ‘Avengers’ Sequel
COLUMBUS, Ohio – Hollywood is returning to the Buckeye State with news that Disney’s Marvel Studios has been awarded a $9.5 million tax credit for two project locations related to a new film, Captain America: The Winter Soldier. The movie, a sequel to The Avengers blockbuster, will be shot in the Cleveland area and southern Ohio, reports the Ohio Development Services Agency’s Film Office.
“First the Avengers, now Captain America --- Hollywood is seeing the benefits of filming in Ohio,” said Christiane Schmenk, director of the Ohio Development Services Agency. “This is another example of the positive impact that the Ohio motion picture tax credit is having on our film industry and our state’s job-creation picture overall.”
The Greater Cleveland Film Commission was in talks with Marvel Studios for weeks, sharing information about Ohio’s physical assets and helping them learn about the benefits of filming in Ohio — including the recently expanded Ohio Motion Picture Tax Incentive.
In June, the state of Ohio expanded the Ohio Motion Picture Tax Incentive, which provides for a refundable credit against the corporation franchise or income tax for motion pictures produced in Ohio.
“We’re thrilled that Marvel Studios is bringing another major motion picture project to Cleveland, and we’re committed to showing them the very best our region has to offer,” said Ivan Schwarz, executive director of the Greater Cleveland Film Commission. “We proved with the filming of Marvel’s The Avengers that Cleveland has the talent, architecture and amazing locations that will provide filmmakers everything they need to ensure a successful filming experience, and the economic impact of this new project can’t be denied.”
About 1,143 full-time equivalent Ohio jobs and $35.5 million in household income have been credited to the 27 projects that took advantage of the Ohio Motion Picture Tax Credit since its 2009 inception, and the tax incentive returns $1.20 into the Ohio economy for every $1 invested by the incentive, according to a study released by Cleveland State University earlier this year.
Production in Ohio will begin this winter and run through the spring. The film’s scheduled release date is spring 2014.
An estimated $35 million is expected to be spent in Ohio on the production over 150 days for preparation, shooting, and post-production work, according to the state’s film office. Approximately 40% of the movie will be shot in the Ohio, creating an estimated 2,778 Ohio job opportunities, the agency said.
The Ohio Motion Picture Tax Credit is calculated in two components: Ohio resident cast and crew wages at 35%; all other eligible production expenditures at 25%.
In order to be eligible for the tax credit, a production company must show reviewable progress to the Ohio Film Office within 90 days of receiving the notification letter. In addition, the tax credit is only provided after completion of the production. A total of $9 million in tax credits is still available in fiscal 2013 for interested production companies, the film office said.
SOURCES: Ohio Development Services Agency, Greater Cleveland Film Commission.
Published by The Business Journal, Youngstown, Ohio.