backstage.com: Hollywood is celebrating the extension of a lucrative incentive program that will see the entertainment industry in California reap another $200 million in taxpayer-funded benefits.
Just hours before the signing deadline, Gov. Jerry Brown (D) Sunday approved two identical bills, A.B. 2026 and S.B. 1197, that will extend the $100-million-a-year California Film & Television Tax Credit Program to July 2017. Before the extension was signed, the program was set to expire in the fiscal year 2014-15, with the last credits being allocated in July of 2014. A coalition of labor groups, including SAG-AFTRA, the Directors Guild of America and others, issued a statement praising Brown and Assembly Member Felipe Fuentes, D-Los Angeles, and Sen. Ronald Calderon, D-Montebello, the authors of the two extension bills.
2 comments:
You have no money California what are you doing giving more tax incentives without requiring input from municipal governments as well. I get that the film industry needs to be wooed by states and that other states are offering incentives but the California budget is in terrible shape and this is a huge allocation of resources which may not pay off. I hate when government gambles like this when they seem to have done a terrible job of basic management. I understand that with the digital age Hollywood needs to compete but does it have to plunge the entire state into further bankruptcy?
I am glad to hear that this tax cut was extended; it would have been extremely bad if it was not extended. I would have guessed if it was not extended that a lot of jobs would move to other places and the California job market would have suffered because of it. If it did not get extended it would have been extremely interesting to see what would happen to the film industry and if it would have moved to another state or just stayed in California. I hope to see a state try to make a combative tax cut so that some of that type of work would move away from the west coast but if it ends staying there it would be great.
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