Tuesday, May 31, 2011

California State Assembly Passes Bill to Extend Film, TV Tax Credit Program

The bill, which would extend the program for five more years, was approved by a vote of 72-1 and next moves to the state Senate.

California's State Assembly has passed a bill that would extend California's film and television tax credit program for five more years.

The bill was approved by a vote of 72-1, the Los Angeles Times reported. It next moves to the state Senate, where a vote will take place later this summer.

It would provide an additional $500 million in funding for the credit program, which is currently set to expire in fiscal year 2014.

Designed to keep film and TV productions within the state, the incentive program was launched in 2009 and offers filmmakers a tax credit equivalent to 20%-25% of qualified production expenses.

So far, the state has allocated $300 million in credits, and according to the California Film Commission, the incentives have generated 31,000 jobs and $2.2 billion in production spending.

In the last fiscal year, it distributed its $100 million annual budget to 43 productions on the first day, forcing the rest of the applicants to join a waiting list.

A new round of $100 million will become available July 1 for the next fiscal year.


No comments:

Post a Comment