The New Zealand Film Commission provides loans and equity financing to NZ filmmakers to assist in the development and production of feature films and short films. According to their website, they “also administer funding from the Large Budget Screen Production Grant, the Post, Digital and Visual Effects Grant and the Screen Production Incentive Fund.
“We invest in feature films for the big screen that entertain the audiences and are recognized and celebrated all over the world. Our investment in film develops careers and attracts international business to help drive our economy.”
Productions with an expenditure in excess of $15 million qualify for a 15% rebate. Productions that spend over $200 million in New Zealand are entitled to an additional grant of up to $9.75 million.
The office for the Minister of Economic Development confirmed on July 29 that the three productions of The Hobbit will jointly apply for a one-time grant of nearly $10 million.
So far, the Hobbit films managed to recoup $67m in cash rebates from New Zealand Government. And keeping in mind that production company 3 Foot 7 has spent nearly $447 million on the trilogy, with post-production to continue on the last two films–roll up your sleeves, mates, because this just might not be the end of this “unexpected party.”
