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Tax Credits

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BUSINESS
March 27, 1999 | JAMES BATES, TIMES STAFF WRITER
An old show business adage is that everyone wants to get in on the act, which is what's happening in Sacramento as legislators scramble to propose bills to give tax breaks to Hollywood to keep and develop entertainment jobs in California.
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BUSINESS
March 25, 2014 | By Marc Lifsher
SACRAMENTO -- Legislation aimed at extending California's film production tax credit won unanimous bipartisan support from its first committee. The bill is urgently needed to give California an incentive to lure movie and television production back to its birthplace and combat generous tax subsidies now available in more than 40 states, such as Louisiana, New York and Michigan, supporters said. The state's current film tax credit, $100 million a year, is set to expire this year.
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BUSINESS
October 23, 2009 | Tiffany Hsu
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.
BUSINESS
March 25, 2014 | By Marc Lifsher
SACRAMENTO - Proposed legislation aimed at providing more tax credits to attract so-called runaway movie and television productions back to the industry's birthplace in California won initial approval from a legislative committee Tuesday. The proposal would renew and increase a state tax credit - amounting to as much as $400 million a year - to better compete with generous tax subsidies available in more than 40 states, including New York, Louisiana, New York and Michigan, as well as studios in Canada and Britain.
ENTERTAINMENT
January 30, 2014 | By Richard Verrier
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.
ENTERTAINMENT
December 26, 2013 | By Richard Verrier
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.
NEWS
May 24, 2012 | By Christi Parsons
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.
OPINION
September 8, 2012
Re "Do Hollywood tax credits really help the economy?," Sept. 6 The Times' article expressing skepticism over the effectiveness of tax credits for filming in California avoids mentioning New York. That state's astronomical handout to the film business amounts to more than $400 million a year (compared to the proposed $100 million a year for California through 2018). The success of New York's aggressive program can be measured by several indicators: a tenfold leap in production over as many years; a strengthening of the film talent base; an already booming tourist business that can now boast a "Hollywood on the Hudson" component; a business community well aware that film crews on the streets and on sound stages mean better business for everybody; and a population excited to have yet one more glamorous feather in its cap. The Times notes that other states have not seen this kind of return on their investment.
BUSINESS
December 7, 2011 | By Dima Alzayat, Los Angeles Times
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.
CALIFORNIA | LOCAL
July 15, 1997
For President Clinton to propose to give more money, in the form of earned income tax credits, to those who don't pay income taxes, in an income tax reform bill, is pure nonsense. No, it's more than that. It's welfare in disguise and a sop to supporters angry that he signed the welfare reform bill. DONALD HIRT Paso Robles
NEWS
March 6, 2014 | By Jon Healey
FilmL.A. produced another one of its gloomy reports on runaway production Thursday, this time looking at the 108 films released last year by the 11 leading studios. One of the most galling findings : More of those films had been shot in Louisiana than in the state that's home to 10 of those studios (that would be California, in case you've forgotten). Louisiana, really? That's almost as bad as the Lakers getting stomped by the Pelicans. What's worse, as my colleague Richard Verrier reports , California's share of big-budget films has shrunk dramatically.
ENTERTAINMENT
February 22, 2014 | By Richard Verrier, This post has been corrected. See note at the bottom for details.
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)
ENTERTAINMENT
January 30, 2014 | By Richard Verrier
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.
BUSINESS
January 2, 2014 | By Richard Verrier
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]
NATIONAL
December 30, 2013 | By Evan Halper
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.
OPINION
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.
CALIFORNIA | LOCAL
October 30, 2013 | By Patrick McGreevy and Anthony York
SACRAMENTO -- Federal investigators probing the activities of state Sen. Ronald S. Calderon (D-Montebello) have asked other lawmakers about proposals he made to expand tax credits for the film industry, officials said Wednesday. Calderon pushed to extend tax breaks to productions of less than $1 million. He and family members received a total of $10,800 in campaign contributions from an independent producer who could have benefited from the change Calderon advocated. FBI agents raided Calderon's Capitol office in June and seized documents as part of an investigation into his finances.
ENTERTAINMENT
December 26, 2013 | By Richard Verrier
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.
CALIFORNIA | LOCAL
December 16, 2013 | By Anthony York
MOUNTAIN VIEW, Calif. - Gov. Jerry Brown blasted the notion of government-imposed standards for public schools, saying he opposed efforts from Washington and Sacramento to dictate education policy. Using "data on a national or state level I think misses the point - that learning is very individual, very personal," Brown said during an on-stage interview Monday with the Atlantic magazine's James Bennet at the Computer History Museum. "It comes back to the teacher and the principal.
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