from: Richard Verrier, LA Times —
A state bill aimed at curbing runaway production has moved closer to becoming law.
The Assembly Appropriations Committee unanimously supported a bill that would extend funding for California’s film and television tax credit program. Funding for the program is due to expire next year.
California sets aside $100 million annually for dozens of projects applying for credits between 20% and 25% of qualified production expenses for movies and TV shows.
The bill, however, was amended to provide for an extension of two years instead of five years. Industry backers sought a longer-term funding commitment to compete with other states that offer film tax credits, but that has been a tough sell in the state’s current fiscal climate.
The measure now goes to the full state Assembly for a vote, which is likely to take place next week. The state Senate is expected to take up a similar bill later this month. A Senate committee in June also supported a similar two-year extension.
California lawmakers first enacted the program in 2009 in an effort to compete with nearly 40 states that offer tax incentives and rebates to filmmakers.
