California Assembly approves state film, TV tax credit extension...
By Richard Verrier
The California Assembly overwhelmingly approved a bill that would preserve funding for the state's film and television tax credit.
The Assembly voted 70-4 in favor of the bill, which extends funding for the program another two years. California allocates $100 million annually toward tax credits, which are doled out by lottery because of limited funds. Funding was due to expire next year.
The film industry had been pressing for a five-year extension to show the state's commitment to the industry, which is being lured away by other states with strong incentives. But that proved a tall order in light of the state's budget woes.
The state Senate is expected to hold its first committee hearing on a similar bill next week.
Thank you Hollywood ReporterThe California Assembly overwhelmingly approved a bill that would preserve funding for the state's film and television tax credit.
The Assembly voted 70-4 in favor of the bill, which extends funding for the program another two years. California allocates $100 million annually toward tax credits, which are doled out by lottery because of limited funds. Funding was due to expire next year.
The film industry had been pressing for a five-year extension to show the state's commitment to the industry, which is being lured away by other states with strong incentives. But that proved a tall order in light of the state's budget woes.
The state Senate is expected to hold its first committee hearing on a similar bill next week.
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