The vote in the Senate Governance and Finance Committee fell short of the five-year funding extension that the entertainment industry had been lobbying for. Today’s 5-1 vote was reported in the Los Angeles Times. If approved by the Legislature, the bill, which is due to expire next July, would set aside $200 million in funding through 2015. A similar bill is working its way through the Assembly. Proponents of the bill have pointed out the need to compete against growing attractive incentives in other states (ie, New York), but the program has been a hard sell in Sacramento as the state deals with a serious budget shortfall. A recent report by the state’s nonpartisan Legislative Analyst’s Office found that the tax credit program results in an overall loss of tax dollars for California, but other reports including one by the Los Angeles County Economic Development Corporation, found that the program has a net positive fiscal impact.
State Senate Committee OKs 2-Year Extension Of California Film/TV Tax Credit Program
What's Hot on Deadline
Black Friday Box Office Explodes: Top 20 Pics +112% Over Thanksgiving; Katniss Eyes $74.4M 5-Day - Saturday AM Update
Universal Lands Hot Novel 'The Girl Before'; Ron Howard To Direct, Brian Grazer & Michael De Luca To Produce
Pete Hammond's Notes On The Season: Eddie Redmayne Dines Out, Sly Stallone Trusts In Youth, And Leonardo Di Caprio Deserves The Medal Of Honor
Latest Film News
- Deadline’s The Contenders: ‘Son Of Saul’ Director László Nemes & Star Géza Röhrig Discuss The Harrowing Cannes Winner’s Journey…
- What Is This ‘Project Delirium’ Jennifer Lawrence Wants To Direct?
- Universal Lands Hot Novel ‘The Girl Before’; Ron Howard To Direct, Brian Grazer & Michael De Luca To Produce
- Lionsgate And ‘Gods Of Egypt’ Director Alex Proyas Apologize For Film’s Lack Of Diversity
- Roman Polanski Will Not Be Extradited To The U.S. From Poland
- ‘Star Wars: The Force Awakens’ Facebook Clip: Snoke Signals, Han Shoots First