State lost over $1bn as several film & TV projects moved to other territories: CFC
California suffered a loss of more than $1 billion in production spending last year as film and TV companies moved a considerable number of projects outside the state in territories that offered better incentives, according to the California Film Commission's (CFC's) latest report.
The CFC's annual Progress Report said film and TV companies moved more than 40 projects worth $1.062 billion that applied for but failed to receive assistance under the state's $100 million Film & TV Tax Credit program to other states of the United States or other countries of the world.
The loss of production spending to other states and countries jumped more than 100 per cent for the Golden State last year from the previous year. During 2012-13, the state lost $370 million due to migration of film and TV projects to other territories.
The report also warned that the state would keep on losing direct production spending and tax revenues from film and TV industry if supply of California tax credits failed to meet demand.
In the report, CFC said, "It is clear that demand for California tax credits far exceeds supply. Without adequate funding for the Tax Credit Program, California will continue to lose direct spending and tax revenues from film and TV productions that choose to film elsewhere."
The 26 projects, which were selected for this year's tax credits out of a record 497 applications, spent $211 million in California.
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