Hollywood tax credit extension moves forward in California Legislature
California lawmakers gave initial approval Thursday to a proposed five-year, $500-million extension of the state’s film tax credit, despite opposition from teachers and others to giving Hollywood so much financial help when the state is cutting basic services, including college aid and child care and parks services.
The Senate Governance and Finance Committee approved the legislation after Sen. Ron Calderon (D-Montebello) said his proposal is needed to help the state’s economy and prevent film productions from moving to Canada and other low-tax locations. The $100-million-per-year tax credit program began in 2009 but would expire in 2015 unless Calderon’s bill passes.
“These tax credits provided jobs in the state when they were sorely needed,” Calderon said before the committee voted 5-1 to send the measure to the Appropriations Committee for consideration.
-- Patrick McGreevy, Los Angeles Times