German Film Fund Out of Money Already for 2016

The country's federal tax credit system has exhausted its $56 million annual budget in record time.

The German Federal Film Fund, or DFFF, is already out of money for 2016.

The fund, which doles out tax credits for feature films that shoot in Germany, has already committed its full annual budget of around €50 million ($56 million) and will not be accepting any more applications for the remainder of the year.

Among the features the DFFF has backed for 2016 include 55 Steps, a period drama starring Helena Bonham Carter, Vera Farmiga and John Goodman from Oscar-winning director Bille August; and Volker Schlondorff's upcoming drama Return to Montauk featuring Stellan Skarsgard, Nina Hoss and Susanne Wolff.

Qualifying features can receive a tax rebate of up to 20 percent of their German costs via the fund, up to a maximum grant of $11 million.

But critics say the fund doesn't go far enough and that Germany should introduce a U.K.-style tax model which offers immediate rebates with no cap and no limit to how many productions can qualify.