Film production tax credit passes state legislature
ON SET LOCAL RESIDENTS Ellen Goldsmith-Vein (center) and Jon Vein (right) will have more incentive to keep dollars in Los Angeles.
Legislation to incentivize film and television production in California was signed by Governor Gavin Newsom July 3.
Assembly Bill 1138 raises the tax credit from 20% to 35% for productions and 25% to 40% for productions that are moving to California from other states.
“For more than a century, Hollywood has stood as a symbol of dreams and opportunity, not just for California, but for the world,” wrote Assemblymember Rick Chavez Zbur in a statement. “But in recent years, that promise has been slipping away. With today’s nearly unanimous votes to pass the California Film & TV Jobs Act, California is shattering the status quo and giving one of our most iconic industries the tools it needs to change the ending.”
The bill passed the California State Senate 32-2 and the California State Assembly 69-1.
The legislation’s authors include Zbur who represents Larchmont, Hancock Park and Miracle Mile and Senator Ben Allen who represents parts of Miracle Mile. The legislature also approved a bill expanding the California Film and Television Tax Credit Program by more than $400 million, from $330 million to $750 million.
By Benjamin Gamson
Category: Entertainment
