Tax Credit

Often film sequels are slam dunks at the box office, a seamless continuation from where a previous hit left off. But as the new installment of the 15-year-old franchise "Men in Black" proves, getting to the big screen isn't always a cakewalk. One of the most troubled productions in recent Hollywood memory, Sony Pictures' latest movie in the Will Smith-Tommy Lee Jones sci-fi-comedy franchise encountered multiple script rewrites, a discontented star and a three-month production shutdown as writers and studio executives scrambled to fix a project that nearly fell apart . By the time it was over, the studio had run up a tab of nearly $250 million - making "Men in Black 3" one of the most expensive releases of the summer.

SAN JOSE - After a morning of closed-door campaigning here Thursday, President Obama plans to talk about tax credits for clean energy production during a visit to Iowa. As he focuses on his administration's efforts to boost job creation, Obama plans to call on Congress to extend tax credits designed to encourage businesses to invest in clean energy production, senior officials said. Obama is scheduled to make his remarks on a visit to TPI Composites, a global provider of composite wind blades to major turbine manufacturers.

First of three parts Tiffany Lee wanted a car. She was weary of the two-hour bus ride to her job at a UCLA Health System clinic. She hated having to ask friends to drive her 7-year-old son to his asthma treatments. But as a single mother with three children, bad credit and a $27,000-a-year salary, she couldn't find a bank or dealership willing to give her a loan. Then a friend steered her to Repossess Auto Sales in Hawthorne. Another buyer might have balked at the deal she was offered.

Amid mounting evidence that rival states are chipping away at California's movie and TV production business, a coalition of entertainment unions and film industry officials is renewing a push to provide long-term funding for California's popular film tax credit program. But the effort faces an uphill challenge in Sacramento, where lawmakers and Gov. Jerry Brown are wrestling with a wider-than expected $16-billion budget deficit. California currently sets aside $100 million annually for dozens of projects applying for credits that cover 20% to 25% of qualified production expenses.

Small-business owners will be greeted Jan. 1 with dozens of new laws and regulations. In California, they will include new mandates concerning employees, including a partial ban on checking the credit reports of workers and job applicants. And it's no surprise that there are changes at the federal level too. Here's a guide to some of the new laws and regulations set to go into effect in 2012. Federal taxes As of January, there will be a major decrease in how much of the total cost of new equipment - including items such as computers, machinery and vehicles - a business can deduct upfront on its tax return.

Dealing with a taxing issue More than 15.4 million people -- roughly 10% of all tax filers -- will owe more taxes than they expected because of the Making Work Pay tax credit. Who's affected? Mostly, people with more than one job, two-income couples filing jointly, and workers also receiving Social Security or pension payments. A single tax filer who held the same job all year should not be affected. How can you find out if you have underpaid your taxes? The Internal Revenue Service has an online withholding calculator at www.irs.

The state Assembly approved a bill that would extend California's film and television tax credit program for five more years, a move that was widely welcomed by labor unions and film industry promoters. The bill, approved by a 72-1 vote, would provide an additional $500 million in funding for the film tax credit program, which expires in fiscal year 2014. The measure now moves to the state Senate, where a vote is expected this summer. It's not clear, however, whether Gov. Jerry Brown, who has proposed steep cuts in state spending to balance California's budget, will support the measure.

It isn't too often that Sen. Dianne Feinstein, a pro-environment Democrat from California, and Sen. Tom Coburn, a "drill, baby, drill" Republican from Oklahoma, agree on energy issues. Yet when it comes to the ethanol tax credit, an egregious form of corporate welfare that unites liberals and conservatives in opposition nationwide, they are of one mind. That's why it was disheartening Tuesday when an attempt to end the subsidy and save taxpayers nearly $6 billion a year went down in flames in the Senate.

This year's $8,000 federal tax credit for first-time home buyers has attracted as many as 90,000 ineligible claimants -- including a 4-year-old child -- raising questions about efforts to extend the popular program. In all, tax credit claims totaling more than $600 million are suspicious, tax officials testified Thursday before Congress. The credit, on home sales to first-time buyers that close through Nov. 30, is an important piece of the $787-billion stimulus package enacted in February and is part of the Obama administration's effort to lift housing sales.

Hollywood wants a $500-million blockbuster out of Sacramento. In the final days of the legislative session, the industry is seeking a five-year extension of a tax credit for producing films and television shows in California. It has assembled a powerful coalition of moguls and unions, who argue that failing to re-up the program risks losing film jobs to states offering even more generous rebates. That is something, advocates argue, that the state with the second-highest jobless rate in the nation cannot afford.

The director of two movies shot on Cape Cod has been sentenced to a maximum of three years in state prison after admitting that he exaggerated expenses when he applied for Massachusetts film tax credits. Daniel Adams pleaded guilty last month to larceny and making a false claim when he applied for state film tax credits for the 2008 movie "The Golden Boys," with Bruce Dern and David Carradine, and "The Lightkeepers," a 2009 movie starring Richard Dreyfuss and Blythe Danner. Prosecutors said Adams overcharged the state by $4.7 million for expenses related to those movies.

WASHINGTON -- Taking another jab at his favorite punching bag, President Obama on Tuesday offered Congress a "to-do" list for the year, drawing attention and gently mocking lawmakers in the unpopular and gridlocked Congress. "It's about the size of a Post-it note. So every member of Congress should have time to read it -- and they can glance at it every so often," Obama said of his list of five measures. He added that lawmakers could check off the list as they pass legislation, "just like when Michelle gives me a list, check it off. " Unlikely.

Supporters of a bipartisan effort to protect the American wind energy industry say that 37,000 U.S. jobs will be at risk this year if Congress fails to extend the production tax credits that have been vital to wind power development. The call for Congress to pass HR 3307, the American Renewable Energy Production Tax Credit Extension Act, was made during a teleconference hosted by three members of Congress, the American Wind Energy Assn. and TPI Composites, a Newton, Iowa-based wind blade manufacturer.

Construction will begin this month on One Santa Fe, a long-anticipated $160-million apartment, office and retail development in the arts district of downtown Los Angeles. The 790,000-square-foot complex will rise on four acres of land on Santa Fe Avenue between 1st and 4th streets that was leased from the Los Angeles County Metropolitan Transportation Authority. Plans by Los Angeles architect Michael Maltzan call for 438 apartments and 78,620 square feet of office and retail space, along with nearly 50,000 square feet of public outdoor space.

Small-business owners will be greeted Jan. 1 with dozens of new laws and regulations. In California, they will include new mandates concerning employees, including a partial ban on checking the credit reports of workers and job applicants. And it's no surprise that there are changes at the federal level too. Here's a guide to some of the new laws and regulations set to go into effect in 2012. Federal taxes As of January, there will be a major decrease in how much of the total cost of new equipment - including items such as computers, machinery and vehicles - a business can deduct upfront on its tax return.

First it was artificially tanned, party-crazed Italian Americans. Now it's mud-racing, squirrel-hunting Appalachians. MTV is again at odds with state film officials who refuse to subsidize the network's latest reality TV show with tax credits. West Virginia film officials have cited MTV's unflattering depiction of state culture in "Buck Wild. " The show, scheduled to start filming next spring in Charleston and Sissonville, follows a group of recent high school graduates living in rural West Virginia as they participate in homegrown activities such as mud-racing.

The Senate voted Thursday to do away with the ethanol tax credit, an indication of waning support for the nearly $6 billion annual subsidy amid spiraling federal debt. But the tax credit is likely to survive, at least for now: Its elimination is attached to a stalled economic development bill. The 73-27 vote to advance the legislation drew support across party lines. Senators from farm states found little backing for continuing a tax break that government auditors have called unnecessary.

A roundup of entertainment headlines for Tuesday: New Jersey Gov. Chris Christie axes "Jersey Shore's" tax credit. He says he doesn't want to reward bad behavior with a "Snooki subsidy. " ( NJ.com ) Ricki Lake sparkles in "Dancing With the Stars. " ( Los Angeles Times ) "Millionaire Matchmaker" Patti Stanger apologizes for offending gay men. ( Entertainment Weekly ) "The Playboy Club" actor (and "Firefly" alum) Sean Maher reveals he is gay. ( Entertainment Weekly )

House Republicans and Democrats joined to pass the first pieces of President Obama's jobs package, sending to the president a slim slice of common ground while the bulk of the legislation remains stalled in a divided Congress. The legislation passed Wednesday will repeal a tax on government contractors, boost job training for veterans and offer tax credits to companies that hire unemployed veterans. The House passed the measure without dissent, and Obama has said he would sign it. The Senate overwhelmingly approved it last week.

Republicans and Democrats joined to pass the first pieces of President Obama's jobs package, sending to the president a slim slice of common ground while the bulk of the legislation remains stalled in a divided Congress. The legislation passed Wednesday repeals a tax on government contractors, boosts job training for veterans and offers tax credits to companies that hire unemployed veterans. The House passed the measure easily, and Obama has said he will sign it. "This is a good first step, but it is only a step.