The Hollywood Reporter
By: Alex Ben Block | 1:44 PM PST 2/23/2012
Last year, the state legislature passed a one year extension, but the industry wants a longer term to provide more stability.
A bill that would extend the state of California’s Film and Television Tax Credit program for an additional five years was officially introduced Thursday in the state Assembly by a bipartisan group led by Assemblymember Felipe Fuentes.
This follows a battle last year to extend the law which provides $100 million a year in tax credits to help keep movie, TV and commercial production in California. At the end of the legislative session last year, the bill was caught up in political battles and was reduced to a single year extension.
STORY: California Extends $100 Million Tax Credit Bill
This new bill is an effort to go back to a longer mandate, which is seen by supporters as important so that producers can be confident as they plan that the credits will continue to be available.
“Productions are planned sometimes years in advance and episodic cable series must be assured that if they are fortunate enough to qualify for the tax credit program and plan to keep their production here in California that these credits will be available for the run of the production,” said Leo T. Reed Secretary-Treasurer of Teamsters Local 399.
The legislative effort led by Fuentes has 18 co-authors from both political parties. Along with Fuentes the principal co-authors are – Assemblymembers Betsy Butler, Nora Campos, Mike Gatto and Senator Fran Pavley.
“By creating tens of thousands of jobs and pumping billions into our economy, the film and television tax credit program has truly been a statewide economic stimulus package,” Fuentes said in a statement. “With the State’s unemployment rate hovering around 12 percent, we need to extend this targeted incentive to help keep Californians employed. Extending this program will prevent production companies from moving their projects, jobs and spending out of California.”
