California Assembly approves state film, TV tax credit extension

The California Assembly overwhelmingly approved a bill that would preserve funding for the state’s film and television tax credit.

The Assembly voted 70-4 in favor of the bill, which extends funding for the program another two years, according to The Times. California allocates $100 million annually toward tax credits, which are doled out by lottery because of limited funds.

Funding was due to expire next year.

The film industry had been pressing for a five-year extension to show the state’s commitment to the industry, which is being lured away by other states with strong incentives. But that proved a tall order in light of the state’s budget woes.

The state Senate is expected to hold its first committee hearing on a similar bill next week.

-- Richard Verrier, Los Angeles Times