Friday, December 19th1.2°C
24563
23715

California poised to sweeten film tax credits to keep productions from leaving

LOS ANGELES, Calif. - Hoping to keep film production in California, lawmakers have moved to quadruple tax subsidies for location shoots.

The state Senate Appropriations Committee approved a bill Thursday that would boost total subsidies to $400 million a year, the Los Angeles Times reported (http://lat.ms/1AjMo3Y ).

The vote came after months of lobbying by a coalition of entertainment industry unions, studio representatives and Los Angeles city officials, including Mayor Eric Garcetti.

The measure must still be approved by the full Senate and signed by Gov. Jerry Brown. But supporters say they are confident it will clear the remaining hurdles, saying there is widespread recognition that California is losing one of its signature homegrown industries to other states.

"There is no question this will make a difference," said Bill Mechanic, a veteran film producer and former chief executive of Fox Filmed Entertainment.

The legislation also would eliminate a controversial system in which film and TV productions win tax credits based on a lottery system, regardless of the economic effect of the production, the Times said.

Feature film production in Los Angeles County has fallen by half since 1996, and the region's share of TV pilot production has fallen 73 per cent since its peak in 2007, according statistics compiled by Film L.A. Inc.

Most states now offer lucrative incentives for filming, awarding about $1.5 billion in film-related tax credits, rebates and grants in 2012 — up from $2 million a decade ago, according to the newspaper.

Garcetti, who has made fighting runaway production a priority, flew to Sacramento this week. He and several other mayors met with the governor to make their case for more funding.

"This represents a responsible and significant investment in the future of California's middle-class," said Garcetti.

___

Information from: Los Angeles Times, http://www.latimes.com

The Canadian Press


Read more Business News

23762


Recent Trending




Today's Market
S&P TSX14346.75+133.36
S&P CDNX665.50+6.47
DJIA17778.15421.28
Nasdaq4748.396+104.085
S&P 5002061.23+48.34
CDN Dollar0.8623-0.0011
Gold1200.80+6.1001
Oil55.15+1.04
Lumber336.00-0.90
Natural Gas3.628-0.014

 
Okanagan Companies
Pacific Safety0.13+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.28+0.01
Cantex0.03-0.005
Anavex Life Sciences0.17+0.0041
Metalex Ventures0.055+0.005
Russel Metals26.00-1.18
Copper Mountain Mining1.57+0.03
Colorado Resources0.12+0.015
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.225+0.005

 
24130


23616

FEATURED Property
1899922#155-9020 Jim Bailey Road
3 bedrooms 2 baths
$179,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...

_








Member of BC Press Council


23860