A bill in Sacramento that would extend California’s Film and Television Tax Credit Program by an additional five years cleared another hurdle today, when AB 2026 passed out of the California State Legislature’s Arts & Entertainment Committee. The bill is co-authored by Assemblyman Felipe Fuentes, who also led the passage of the program’s one-year extension back in October that ensured funding through 2015. He introduced the five-year proposal back in February. A recent study by the Los Angeles Economic Development Corp. found that the first two years of the program generated $3.8 billion in economic activity statewide and created more than 20,000 jobs. Proponents also point to the state’s 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. “The California incentive program, since its passage in 2009, has lived up to its promise,” said Bryan Unger, Associate National Executive Director/Western Executive Director of the DGA, praising today’s passage. “California-based DGA members have been among the direct beneficiaries of the thousands of jobs created by this program, enabling them to work in the state, remain close to their families, and in turn support local businesses and local economies.”
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.