Faced with the prospect of the curtain falling on California’s film tax credits, Hollywood breathed a collective sigh of relief after lawmakers approved a bill for a one-year extension of the program.
But the mood was far from celebratory because the legislation, which is awaiting Gov. Jerry Brown's signature, included a much shorter extension than industry advocates had hoped for.
The tax credit, aimed at keeping film and TV productions -- and the business activity they generate -- in California, is due to expire next year. Hollywood had been lobbying for a five-year extension, but that request was opposed by lawmakers who balked at setting aside $500 million at a time when the state was having to cut social services and lay off teachers to cope with a massive budget deficit. COMPANY TOWN