Legislature extends Hollywood tax credit
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Legislators early Saturday extended a $100-million film tax credit hotly sought by Hollywood that some decried as a waste of scarce state dollars.
The film and television industry sought a five-year extension, with a $500-million price tag, arguing the rebate would fight the flight of production to other states that have more aggressive incentives. Critics contended that as the state lays off teachers and hacks social services, it should not give business additional money.
The criticism scaled the break down to a one-year extension, which passed on a bipartisan vote well after midnight. It was poised to expire in July 2012; now it will run until 2013.
In a brief, exhausted discussion, legislators argued the credit will create jobs. “This is not a giveaway,” said State Sen. Alex Padilla (D-Pacoima).