February 22, 2014 |
More than 1,000 entertainment industry workers gathered in Burbank on Saturday, launching a campaign to support an expansion of California's film and TV tax credit program. The rally, organized by a coalition of entertainment industry unions, drew an unusually large swath of set decorators, prop makers, grips, camera operators and other technicians who filled two conference rooms at the Pickwick Gardens on Riverside Drive. They were urged by union leaders to volunteer their services and write emails and letters to state lawmakers in support of legislation recently introduced by Assemblymen Raul Bocanegra (D-Pacoima)
January 30, 2014 |
Moss Adams, one of the nation's largest accounting firms, has launched an online exchange for trading film and other tax credits. Called the Moss Adams Tax Credit Exchange , the marketplace allows film producers and other companies with tax credits to match up with buyers, converting credits they can't use into cash they can reinvest in their business. Buyers can purchase credits online, helping them offset state taxes owed. “We're proud to bring the exchange to our clients and future members and expect it to transform the way tax credits are purchased and sold,” said Rob O'Neill, state and local tax partner at Moss Adams.
January 2, 2014 |
Hollywood stakeholders are calling on California to bolster its film and TV tax credit to keep its homegrown industry from permanently leaving the state. Film industry and union officials are mobilizing to back legislation this year that would substantially increase funding for the state's film incentive program and lift some restrictions to make the program more competitive with those offered by New York, Georgia and other states and countries. "The bottom line is, these countries and these states realize what production means to them, and we have to show them [lawmakers]
December 30, 2013 |
WASHINGTON - Jennifer Tadlock doesn't yet have all the talent lined up for the small-budget dramatic action feature she hopes to film next year, let alone a full crew. But she does have a tax break, and it's expiring, which was enough to get her behind the camera last month. Tadlock spent about $500 to hire a skeletal crew and nonunion talent to film just one scene near her home in Fresno. "We did the makeup ourselves," she said. The scene, involving teenagers plotting to harass an elderly woman, may never appear in the final cut. But by shooting this year, Tadlock hopes to lock in place the tax break that was key for investors who put up the $6 million she'll need to shoot "Shades of Grace" for real next year.
December 29, 2013
Re "Making film deals with tax credits," Dec. 26 When a small Caribbean nation offers itself as a tax haven to a foreign corporation, it is not hard to see what is going on. The haven country is bribing the multinational, and the multinational is soliciting the bribe. Tax havens even compete to offer the best terms in the form of the lowest taxes. This sets off a race to the bottom in tax rates. One would hope for better at home, but here states compete by bribing filmmakers with tax credits.
December 26, 2013 |
ATLANTA - Ric Reitz makes movies. He helped bankroll the Matt Damon thriller "Contagion," Clint Eastwood's "Trouble With the Curve" and the Robert Downey comedy "Due Date. " Reitz, an energetic 58-year-old, doesn't hang out at the Polo Lounge, red-carpet premieres or swank offices in Century City. Instead, he works out of a former cotton mill near Martin Luther King Jr.'s boyhood home, hustling for business at Chamber of Commerce dinners and Rotary Club lunches. Recently, he was looking forward to attending a meeting of prosperous chicken farmers.