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