The California Senate on Tuesday approved a two-year extension of tax credits for the film and television industry, providing $100 million annually through July 2017.
“The film and television industry is critically important to the economic vitality of the Los Angeles area,” said Sen. Fran Pavley (D-Agoura Hills). “This is an economic engine. It’s critically uimportant that we send the right signal.”
The tax credit, which will expire in 2015 if the bill approved Tuesday does not become law, was created because of concern about “runaway” film and TV productions that go to other states, many of which have lower costs and offer their own tax credits.
-- Patrick McGreevy, Los Angeles Times