Governor Jerry Brown agrees to hike film tax credits
Governor Jerry Brown recently confirmed that he would endorse film tax credits legislation that would offer over three-times more tax credits for films and TV shows produced in the state.
Proponents initially sought tax credits of $400 million for the film and TV industry. Gov. Brown slashed that amount by $70 million annually, but agreed to extend the tax credits program for one additional year.
Currently, the state government is offering the entertainment industry with tax credits of $100 million annually. The figure is equivalent to a quarter of what New York offers to its film industry.
The measure, AB 1839, would also make more entertainment projects eligible for state tax subsidies, including big-budget studio films, TV pilots and new network TV dramas.
Senate President Kevin de Leon (Democrat from Los Angeles), said the legislation showed that the government was 100 per cent committed to support the state's film and TV industry.
Speaking on the topic, De Leon said, "This is a crown-jewel industry. We're sending a powerful signal today that we are 100% committed to keeping the cameras rolling and bright lights shining in our state for years to come."
The last-minute deal is expected to help the Golden State in reversing the loss that it has been suffering due to film and TV producers' migration to other states of the U. S. or other territories of the world, which are currently offering better incentives.
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