July 12, 2012 |
WASHINGTON -- One of the top items on President Obama's to do list -- a 10% tax break for small businesses that make new hires -- got tangled in an election-year tax debate as Republicans led a filibuster to block the measure. The legislation would have provided the tax credit to companies that hire new employees or otherwise expand their payrolls this year, a typically popular approach among the GOP. Republicans in the Senate did not necessarily object to the measure, but they protested Thursday after Democrats refused to allow votes on other amendments.
July 11, 2012 |
WASHINGTON — Senate Democrats are trying to put a check mark next to one of the economic initiatives on President Obama's to-do list: a 10% small-business tax break for companies that expand payrolls. The Senate overwhelmingly advanced the measure Tuesday, clearing a procedural hurdle on a bipartisan 80-14 vote. But it is likely to run into resistance later in the week as Republicans seek to tack on more controversial amendments, including those that would repeal the nation's healthcare law or extend the tax breaks enacted during the George W. Bush administration that expire at the end of the year.
July 3, 2012 |
Television production in and around Los Angeles has continued to slide, keeping overall production numbers flat in the most recent quarter, according to a report released Tuesday from FilmL.A. Inc. The nonprofit organization, which issues permits for Los Angeles and parts of L.A. County, reported that on-location production was down 0.4% for the three months ending June 30 (11,209 permitted production days) compared with the same period in 2011 (11,260 days). Television shoots, which accounted for 30% of all production days in the quarter, showed the most worrisome decline.
June 29, 2012 |
Lawmakers gave a preliminary thumbs up to a two-year extension of California's film tax credit, a mixed result for Hollywood backers who had pressed for a five-year extension but were relieved to get more money given the state's budget crunch. By a 5-1 vote Thursday, the Senate Governance and Finance Committee supported a bill that would extend the tax credit, which was due to expire in July 2013, through 2015. The original bill would have provided funding through 2018. California currently sets aside $100 million annually for dozens of film and television projects applying for credits that cover 20% to 25% of qualified production expenses.
June 22, 2012 |
In a setback for supporters of California's popular film tax credit program, a new government report has thrown cold water on claims about the credit's return to taxpayers. A study released by the California Legislative Analyst's Office concludes that the credit program "appears to result in a net decline in state revenues. " Enacted in 2009, the program offers a credit of 20% to 25% toward qualified production expenses. California allocates $100 million annually toward the credit, which can be applied to offset income or sales tax liabilities.
June 15, 2012 |
California's film tax credit program has helped to stem the flight of movies and TV shows since it was enacted in 2009, but would be improved with more funding and fewer restrictions on the types of projects that can qualify, a new study concludes. The report, "Fighting Production Flight," from the Milken Institute says the film tax credit program — which gives producers 20% to 25% tax credits toward qualified production expenses for films and TV shows shot in California — has been successful in that it has been oversubscribed and has had a "demonstrable impact in arresting the decline in filmed entertainment spending and employment in the state.
June 14, 2012 |
California's film tax credit program has helped to stem the flight of movies and TV shows since it was enacted in 2009, but would be more effective with more funding and fewer restrictions on the types of projects that can qualify, a new study concludes. The report, "Fighting Production Flight," from the Milken Institute says California's film tax credit -- which gives producers 20% to 25% tax credits toward qualified production expenses for films and TV shows shot in the state - has been successful in that it has been oversubscribed and has had a "demonstrable impact in arresting the decline in filmed entertainment spending and employment in the state.
June 7, 2012 |
Reality TV star and billionaire developer Donald Trump is looking to buttress his show business credentials by building a film and television studio in Florida. Trump wants to develop a giant production facility in south Miami- Dade County on 800 acres near the Homestead Air Reserve Base. Dubbed Trump Studio City, the complex would be twice as large as Universal Studios in Orlando and employ thousands, Michael Cohen, Trump's legal counsel, told county commissioners in a meeting Tuesday.
June 5, 2012 |
Producer Andrew Lazar was all set to shoot an adult romantic comedy in Hermosa Beach, where the story is set. But now, he's forced to have the $10-million movie rewritten with Miami Beach as the backdrop so he can take advantage of Florida's film tax credit. The reason: His film didn't make the cut of 28 projects approved last week for California's state film tax credits. “I'll just have to change the location and the script because these tax credits are so important for making movies," said Lazar.
June 4, 2012 |
The popular MTV show "Teen Wolf" is among 28 projects that won a piece of the lottery -- California's film and TV tax credit lottery, that is. Producers of the TV series were notified Friday that they were among the select few to receive conditional approval for the state film and TV tax credit, out of 322 projects that poured applications into the Film Commission's office last week. The number of submissions rose 83% this year, underscoring heavy demand for the film incentive.