Senate votes to extend state film tax credit
Students pose for the camera at International Academy of Film and Television in Burbank in May. (Times Community News / September 4, 2012)
The Senate vote last week was 32 to 2 in favor of extending two more years of funding for the tax credit. California sets aside $100 million toward the program, which gives movie and TV producers a credit of up to 25% of qualified production expenses.
The Assembly approved the bill earlier this month. The measure now goes to Gov. Jerry Brown, who has one month to sign or veto the legislation, according to The Times.
Funding for program was due to expire next year.
The film industry had been pressing for a five-year extension to show California's commitment to the industry, which is being lured away by other states with stronger financial incentives. But that proved to be an unrealistic goal given the state's budget woes.
-- Richard Verrier, Los Angeles Times