Digital Domain Media Receives Additional $11 Million in Economic Incentives

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Forum: CG News
Posted By: RobertoOrtiz
Post Time: 01-05-2012 at 05:59 PM
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Quote:
"Digital Domain Media Group, Inc. (NYSE: DDMG - News), a leading digital production company focused on visual effects, original content animation and major studio co-productions, today announced that it has been approved for an additional $11 million of transferable tax credits by the Florida Department of Economic Opportunity. Such tax credits can either be applied in the award amount to directly reduce the recipient`s Florida state tax liability, or they can be sold for cash to other Florida state corporate taxpayers. The awarded amounts are designed by the Florida legislature to reduce the company`s direct costs of Florida-based visual effects productions and animation feature film projects by amounts equal to between 20 percent and 30 percent. The recent award is in addition to prior awards of $8.9 million that will be used primarily to offset the cost of the company`s first animated feature film to be produced in Florida, The Legend of Tembo."

http://finance.yahoo.com/news/digit...-170502590.html

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