'Michael' Sequel to Get $31 Million in California Tax Credits

Key Points:

• California will provide $30.8 million in state tax incentives to support the production of the "Michael 2" sequel by Lionsgate, part of a $226 million total allocation for 35 films approved by the California Film Commission.
• The original "Michael" film received $21 million in tax credits and grossed over $1 billion, with the new tax credit rate increased to 35% of qualified costs from 17.5% previously.
• Skydance divisions Warner Bros. and Paramount will receive $13 million and $29.3 million respectively, while New Line Cinema will get $11.4 million for the "Friday" sequel, totaling $53.7 million for Skydance projects.
• Ice Cube emphasized the importance of producing the "Untitled Last Friday Sequel" locally in Southern California, highlighting the involvement of over 180 local cast and crew members and the value of the state's production incentives.
• Disney’s Pixar leads with $40.1 million allocated for an untitled film, alongside additional funding for other projects, and 28 independent films, including "Leaves of Glass," which aims to portray rarely seen aspects of Los Angeles’ Chicano communities.