March 28, 2024
Hollywood reacts to expanded tax credit
LOS ANGELES – (INT) - A powerful signal is being sent to other states and nations that Hollywood is here to stay.

Governor Brown was in Los Angeles Thursday to sign a bill extending and expanding the California Film and Television Tax Credit.

Senate President pro Tempore-elect Kevin de León negotiated the Tax Credit amount with the Governor and said, “This legislation will keep the cameras rolling in California and strengthen our position as the creative Capitol of the world.”

AB 1839 does the following:

· Increases the current credit from $100 million annually, to $330 million annually for five years beginning with fiscal year 2015-16.

· Replace the current arbitrary lottery system with a competitive, more accountable system.
o Jobs Ratio: Applicants will be ranked according to net new jobs created and overall positive and sustained economic impacts for the entire State.

o o Allows the Film Commission to modify through regulation the “jobs ratio” criterion by up to 25% to reflect a broader measurement of the economic impact of film proposals. This is a fair compromise with the industry.

· Provides the industry with greater predictability for planning purposes by extending the credit for 5 years.

· To ensure ‘like’ productions are competing against one another for credits, it creates separate pots for Indie Films (5% of the annual allocation), new TV-pilots-&-renewed series (40%), feature films (35%), and relocating productions from out of state (20%).
Story Date: September 19, 2014
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