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Senate approves film tax credit bill

August 31, 2012|By Richard Verrier
  • Ben Affleck plays Tony Mendez in Warner Bros. Pictures and GK Films' thriller "Argo," which received a California film tax credit.
Ben Affleck plays Tony Mendez in Warner Bros. Pictures and GK Films'… (Claire Folger )

The state Senate has overwhelmingly approved a bill to continue funding California's film and television tax credit.

The Senate vote was 32 to 2 in favor of extending two more years of funding for the tax credit. California sets aside $100 million toward the program, which gives movie and TV producers a credit of up to 25% of qualified production expenses.

The Assembly approved the bill earlier this month. The measure now goes to Gov. Jerry Brown, who has one month to sign or veto the legislation.

Funding for program was due to expire next year.

The film industry had been pressing for a five-year extension to show California's commitment to the industry, which is being lured away by other states with stronger financial incentives. But that proved to be an unrealistic goal given the state's budget woes.


ALSO:

Hollywood lobbies to extend tax credit for filming

UCLA study gives qualified support to state film tax credits

Study shows state film tax credit program pumped $3.8 billion into the economy

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