California OKs Only One-Year Extension Of Film-TV Tax Credits

Passing legislation in the California Legislature is always tedious what with all-night marathon sessions and hundreds of bills in a rush to pass before lawmakers adjourn for the year. So it was semi-miraculous that the tax breaks for California film and TV production received the OK — even if it was scaled-back, pared-down legislation. After passage of Assembly Bill 1069 by the Senate early today, the extension goes to Governor Jerry Brown for pro forma signing. This continuation of  California’s showbiz incentive program was cut down from 5 years to just one year by the state Senate Appropriations Committee. It’s not the hoped-for 5-year extension of the $100M-per-annum Film & Television Tax Credit Program. That time element could still be OK-ed next year, despite the state’s $9B budget shortfall, because of the need to halt runaway production and compete with other states offering similar or greater tax breaks to film/TV producers. The program has brought $3.8B in economic output and supported 20,040 jobs since its inception in 2009.

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