Saturday, August 23, 2014
L.A. Mayor: California Tax Credit Must ‘Compete With New York’
Variety: Los Angeles Mayor Eric Garcetti said that he expects the authors of film and TV tax credit legislation to insert a figure “that is north of $400 million” per year, an amount that would put the state about on par with New York.
“It will be close to $400 million or just north, right around there,” Garcetti said at Burbank Airport, where he had just arrived after a trip to Sacramento to lobby Gov. Jerry Brown and state legislative leaders on the need to pass legislation that greatly expands the existing program, which is currently at $100 million per year. He said that he expected the figure to be inserted into the legislation by Monday.
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Aside from the fact that Eric Garcetti and I are alums from the same high school, he certainly has a point.
For several years now, I have read a constant influx of news articles, many on this Greenpage, noting the decline of LA's film and TV business. That is not to say anyone is crying the downfall of Hollywood, but other states are certainly offering more competitive business environments to operate in. It seems rather stubborn to refuse to remain competitive with other states in an industry so intertwined with California's culture.
Increased tax credits are simply good for business and maintaining a hospitable city to the entertainment industry.
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