Tax Credit

New York Gov. Andrew Cuomo has signed into law a bill which triples that state's post-production tax credit, a punch in the gut to Southern California's own film and TV community already struggling to keep business in the Golden State. The law increases the credit to 30% (35% for upstate New York), from 10%, on post-production costs and is the first of its kind in the country, said the Post New York Alliance, an association of film and television post-production facilities and labor unions operating in New York.

A state bill aimed at curbing runaway production has moved closer to becoming law. The Assembly Appropriations Committee unanimously supported a bill that would extend funding for California's film and television tax credit program. Funding for the program is due to expire next year. 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. The bill, however, was amended to provide for an extension of two years instead of five years.

The California Assembly overwhelmingly approved a bill that would preserve funding for the state's film and television tax credit. The Assembly voted 70-4 in favor of the bill, which extends funding for the program another two years. California allocates $100 million annually toward tax credits, which are doled out by lottery because of limited funds. Funding was due to expire next year. The film industry had been pressing for a five-year extension to show the state's commitment to the industry, which is being lured away by other states with strong incentives.

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 )

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.

NEWTON, Iowa - From a wind-power factory in this battleground state, President Obama urged Congress to extend tax credits he said would save jobs in the field of clean-energy production. Obama said continuing the production tax credit would save 37,000 jobs that would otherwise be at risk, an estimate his aides based on reports from industry officials. "If Congress doesn't act, companies like this one will take a hit. Jobs will be lost. That's not a guess. That's a fact," Obama said Thursday as he visited TPI Composites, a wind turbine blade manufacturer based in a town that's home to a closed Maytag factory.

Sales of newly built houses in the U.S. plunged 32.7% last month, the strongest evidence to date that the housing market was likely to stumble as the popular tax credit for buyers expired. Economists are expecting sales of both new and previously owned homes to falter in coming months as the effects of the tax credit begin to wane. The credit offered as much as $8,000 to some buyers. To qualify for the incentive, buyers had to have entered a purchase contract by April 30. New-home sales are recorded when a buyer signs a purchase contract.

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.

Can the Internal Revenue Service handle tax credit programs that pump out billions of dollars to homeowners and buyers? A new federal investigation on home energy tax credits suggests the answer may be: Not quite yet. The Treasury Department's inspector general for tax administration audited the residential tax credit program, created by Congress to encourage homeowners to install energy-saving equipment and materials in their houses, and found...

New York Gov. Andrew Cuomo wants a five-year sequel to the state's popular film and television tax credit program. As part of a budget unveiled Tuesday, Cuomo proposed extending New York's $420-million annual tax credit program five more years. The budget also proposes reducing restrictions on claiming the state's post-production portion of the credit and additional reporting to "document the effectiveness of the credit in creating jobs," according to a statement from the governor's office.