Article from Aug 2012
By Richard Verrier
A state bill aimed at curbing runaway production has moved closer to becoming law.
The Assembly Appropriations Committee unanimously supported a bill that would extend funding for California's film and television tax credit program. Funding for the program is due to expire next year.
California sets aside $100 million annually for dozens of projects applying for credits between 20% and 25% of qualified production expenses for movies and TV shows.
The bill, however, was amended to provide for an extension of two years instead of five years. Industry backers sought a longer-term funding commitment to compete with other states that offer film tax credits, but that has been a tough sell in the state's current fiscal climate.
The measure now goes to the full state Assembly for a vote, which is likely to take place next week. The state Senate is expected to take up a similar bill later this month. A Senate committee in June also supported a similar two-year extension.
A state bill aimed at curbing runaway production has moved closer to becoming law.
The Assembly Appropriations Committee unanimously supported a bill that would extend funding for California's film and television tax credit program. Funding for the program is due to expire next year.
California sets aside $100 million annually for dozens of projects applying for credits between 20% and 25% of qualified production expenses for movies and TV shows.
The bill, however, was amended to provide for an extension of two years instead of five years. Industry backers sought a longer-term funding commitment to compete with other states that offer film tax credits, but that has been a tough sell in the state's current fiscal climate.
The measure now goes to the full state Assembly for a vote, which is likely to take place next week. The state Senate is expected to take up a similar bill later this month. A Senate committee in June also supported a similar two-year extension.
California lawmakers first enacted the program in 2009 in an effort to compete with nearly 40 states that offer tax incentives and rebates to filmmakers.
Thank you Los Angeles Times
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