Califorinia Bill Pushes for Additional Film and TV Tax Credits
A group of California Assembly members and senators are wanting to lift the funding to $100 million dollars to help benefit blockbuster films and network shows.
According to the Hollywood Reporter, the proposed legislation would offer the possibility of increasing funding beyond the $100 million dollars and further subsides for larger movies. Previously, larger big-budget movies were not included in the first tax credit program in 2009. It was believed that those kind of projects were not likely to leave the state and film elsewhere. But, due to tax incentives in New Orleans, and Georgia many productions have jumped ship. Currently, more than 40 other states offer tax credits and subsidies including Canada and other foreign countries. Thus, causing local production of big movies to decline. According to statistics, of 41 big-budge feature films released in the last two years, only one feature film was shot exclusively in California. The lack of production has cost the state nearly 10,000 jobs. In a statement Wednesday, Mayor Garcetti said:photo credit: loop_oh via photopin cc
"This legislation represents a prudent investment in the future of California's middle class, and its widespread geographic and bipartisan support reflects its importance to our statewide economy. It comes at a critical moment, when other states and foreign countries are luring away thousands of jobs and millions of dollars in revenues that can pay for schools, infrastructure and public services across California. California is forced to turn away hundreds of productions every year because the current incentive is insufficient. … My office, led by Ken Ziffren, will work closely to support this legislation's passage."The California Film and Television Production Alliance, which is a group that includes most Hollywood guilds and unions, quickly came out in support of the proposed expansion. More info on the Alliance's efforts is available at http://www.filmworksca.com/petition What do you think of this proposed legislation? Do you think they should support it or will production companies continue to film elsewhere? Leave a comment below and discuss!