The Knesset's Finance Committee voted in favor of a bill prompting the facilitation of foreign film productions in Israel,
Yedioth Ahronoth reported Tuesday.
According to the bill, the State will charge fewer taxes from foreign production companies wishing to film on location in Israel, thus allowing them to cut production costs and contract the services of Israeli companies more easily.
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Foreign productions, however, would have to exceed NIS 8 million (about $2.23 million) in order to qualify for the lower tax grade.
The bill further calls for a 17% tax deduction for any foreign production shooting in Israel. A foreign-Israeli co-production in which 75% of the employees would be non-Israeli, will enjoy a 13% tax break and any other co-production would be given a 9% tax break.
An Israeli producer would have to be a part of all productions in order to ensure their eligibility.
"Movies are much more than just an industry, they are a pivotal element in our culture," said head of the Knesset's Finance Committee, Knesset Member Avishay Braverman (Labor).
"We are currently facing a situation in which many Israeli productions choose to shoot abroad to cut costs, which is detrimental to the industry's workers, who face daily employment uncertainty because of the nature of the business. This bill makes perfect sense," added MK Shelly Yacimovich (Labor).
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