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The California state Assembly Appropriations Committee has unanimously approved a bill extending the state’s film and television tax credit program for an additional two years, the LA Times reports. The current extension of the program that allocates $100 million yearly in credits expires next year. Industry proponents had hoped for a longer extension but lawmakers were skittish because of the state’s fiscal situation. The bill now heads to the full Assembly for a vote likely next week. The state Senate is expected to consider its version of the measure later this month.
California Assembly Panel OKs Production Tax Credit Extension
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They are “skittish”??????? It’s NOT giving the industry these breaks and considerations in the first place that caused our money problems starting with runaway productions.
The left loves to scream and squawk about the “rich” not paying their “fair share”. When it comes down to it though, even they know if the grass is greener, the rich will take their toys and go elsewhere – which often means a loss of jobs.
Walter. The California state leg gives PLENTY of tax credits to ALL industry. Liberal or not! Would you prefer pete wilson and arnolds’ return deregulating such nemesis’s like Enron who fix pricing on energy and play with the power so they can screw us on our bills?
I often wonder re: the double standard of showbiz types supporting those politicians who tell us tax cuts for the rich are evil yet hiding behind them to keep production in state.
This is not a double standard. Tax cuts and tax credits are not the same thing. Credits are used as an incentive to keep work instate, where the hired labor will be paying taxes to compensate for those credits and then some. Tax cuts, on the other hand, are simply cuts. No guarantee that the money will remain instate or benefit anyone other than the person saving the money.
The whole credit is a scam: just look at the allocation of the credit amongst companies. It should be somewhat random but it isn’t! Crooks and scammers!!
I hear that when “Wheel of Fortune” goes out of Cali to tape their shows one can buy a vowel for $200 and not the usual $250 because of the incentives the other states offer.