Assembly committee supports extending California film tax credit
California lawmakers moved a step closer to approving a five-year extension of the state's popular film tax credit program.
The Assembly Revenue and Taxation Committee unanimously voted to support a bill that would give funding to California' s film tax credit -- which expires next year -- through July 1, 2018.
“I’m pleased my bill to extend the Film and Television Tax Credit Program has continued to move through the Assembly with another unanimous vote today,” said Assemblyman Felipe Fuentes (D-Sylmar), author of the bill, known as AB 2026. “With our state facing a 12% unemployment rate, it’s critical to extend this program which is a demonstrated job and revenue generator.”
California sets aside $100 million annually for dozens of projects applying for credits between 20% and 25% of qualified production expenses for movies and TV shows.
Lawmakers first enacted the program in 2009 in an effort to compete with nearly 40 states that offer tax incentives and rebates to filmmakers.
The Assembly could vote on the bill this month, and the Senate is expected to take up a similar bill this summer.
-- Richard Verrier
Photo: Brad Pitt in a scene from "Moneyball," which received a California film tax credit. Credit: Melinda Sue Gordon