Acacia Filmed Entertainment is building a new film studio and production training facility in Arizona in response to a new bill that just passed promising to beef up the state’s tax incentives for film and television productions starting in 2023.
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Productions filmed at the new Arizona Studio Complex will qualify for financial incentives through the Motion Picture Production Program bill, which Arizona Gov. Doug Ducey allowed to become law on July 6. In its first year, the law will give productions $75 million a year in tax credits, and those will grow to up to $125 million a year by 2025, according to the AZ Mirror. The bill is an attempt to help Arizona increase its presence in the entertainment industry, which has been a core part of neighboring Califonia’s economy for a century and has become an economic driver in neighboring New Mexico, as well.
In order to qualify for the incentives under the bill, productions must be shot primarily in Arizona, use pre- and post-production services from the Grand Canyon state, and hire Arizona crew members. If productions spent under $10 million, they’ll get a tax credit for 15% of their costs. If they spent more than $35 million, they’ll get a 20% tax credit.
“With strong consumer demand for quality original content, the need for studio soundstage space has increased and global studios are looking for financial incentives to support this ever-growing production pressure,” said Acacia Filmed Entertainment, Savvy Media Holdings founder and Castle Rock co-president Matthew George, who is spearheading the development of the new studio.
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“Acacia’s Arizona Studio Complex will deliver a world-class facility tailored to the highly specialized needs of top filmmakers coupled with competitive tax breaks to ease the burden of big budget productions,” he added.
George has financed films including Rob Reiner’s LBJ and Shock and Awe, Taylor Sheridan’s Wind River, and Matthew Heineman’s A Private War.
To build the multi-million dollar studio, Acacia has partnered with ajc architects, which designed Park City Film Studios near the Sundance Film Festival in Utah, another of Arizona’s neighbors. The Arizona Studio Complex will be in the heart of Phoenix’s metropolitan area and will feature 14 soundstages, a 30-acre backlot, a 60,000-square-foot stage, and support offices across 70 acres of land.
The project will break ground in early 2023. The first phase of construction will include the first seven soundstages, plus office space, thousands of parking spots, studio reception, and security. The second phase will finish the other seven soundstages, and add workshops space, post-production facilities, and, in partnership with local colleges, lecture rooms, screenings rooms, a cafeteria, and campus grounds.
Main Image: A rendering of Acacia’s Arizona Studio Complex courtesy of ajc architects.
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