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Tax Credits

June 3, 2013 | By DiAngelea Millar
The California Film Commission saw a nearly 20% jump in the number applications for its annual film tax credit lottery. The Film Commission said 380 projects had applied for a piece of the $100 million the state allocates annually for film and television projects. That's up nearly 18% from a year ago, when only 28 projects were approved for credits -- the same number that were approved on Monday. Film Commission officials said the winning projects would be identified Tuesday, after applicants have been notified.
June 1, 2013 | By DiAngelea Millar
Minnesota has a new Snowbate to entice film and TV productions. The state's new Film Production Jobs Program, known as Snowbate, has been voted into law. Minnesota lawmakers recently agreed to increase annual funding for the rebate program to $10 million from $500,000 starting July 1.  Film producers also will now be eligible to receive a rebate of up to 25% for work done in the state, which is competing with dozens of other states that offer...
May 15, 2013 | By Marc Lifsher, Los Angeles Times
SACRAMENTO - Gov. Jerry Brown is taking another stab at largely eliminating a state $700-million tax break for "enterprise zones" aimed at creating jobs in economically strapped localities. The governor failed in his efforts in 2011 to eliminate these politically popular quarter-century-old zones, located in the legislative districts of about three out of every four lawmakers. In his revised budget Tuesday, Brown proposed that 40 enterprise zones be replaced by a sales tax credit for companies that purchase manufacturing or biotech research and development equipment.
April 10, 2013 | By Shan Li, Los Angeles Times
First it was Texas Gov. Rick Perry who came to California with his cowboy swagger and boasts about lassoing away businesses. Then the South Dakota governor swept through to recruit dairy farmers. Soon after, the Iowa governor made an appearance. Now they're coming in pairs. Joining forces, Utah Gov. Gary Herbert and Virginia Gov. Bob McDonnell are heading to California on Thursday to try their luck at wooing California businesses. On a two-day tour with stops in Costa Mesa, Palo Alto and San Francisco, the old friends plan to tout the wonders of doing business in their states.
February 1, 2013 | By Patrick McGreevy, Los Angeles Times
SACRAMENTO - During his State of the State address last week, Gov. Jerry Brown detoured from his high praise for state government's recent thrift to take aim at a program that he says wastes hundreds of millions of tax dollars. Brown's previous efforts to scale back or eliminate the $700-million Enterprise Zone Program gained little traction with lawmakers. The program, which gives employers tax credits of up to $37,000 for each hire they make in areas designated as blighted, has survived despite numerous studies concluding that it does little to create jobs or development.
January 22, 2013 | By Richard Verrier
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.
January 1, 2013 | By Lisa Mascaro and Kathleen Hennessey, This post has been updated. See below for details
WASHINGTON - The House gave final approval Tuesday night to a bill to rescind tax increases for the vast majority of Americans, but only after a day of closed-door debate among Republicans, who were forced to allow a vote on a compromise many in their party disdained. The final tally, 257 to 167, included most of the chamber's Democrats and fewer than half of the Republican majority. The deal, largely negotiated by Vice President Joe Biden and Senate Republican Leader Mitch McConnell (R-Ky.)
January 1, 2013 | By Lisa Mascaro and Kathleen Hennessey, Washington Bureau
WASHINGTON - The House voted Tuesday to roll back income tax increases on the vast majority of Americans, finalizing a deal on the so-called fiscal cliff after weeks of gridlock. The approval, in a session that stretched late into the New Year's holiday, came after hours of closed-door debate among Republicans, with conservatives threatening to derail a bill that had overwhelmingly passed the Senate in the early hours of the morning. The final tally, 257 to 167, included support from 172 of the chamber's Democrats and just 85 of the majority Republicans, far fewer than half.
December 31, 2012 | By Paul West
WASHINGTON - As negotiators closed in on a tax-and-spending deal to avert the “fiscal cliff,”  President Obama delivered a nationally televised plea Monday for a final push by Congress in the hours remaining before midnight Monday when taxes are set to increase. “They're close, but they're not there yet,” Obama said, referring to bipartisan talks led by Vice President Joe Biden and Senate Republican leader Mitch McConnell of Kentucky. The president added, “if there's one second left” before Congress has to act, “they will use that last second.” Among the issues left to be resolved, he said, confirming earlier news reports, is an agreement that would delay across-the-board spending cuts, which would otherwise go into effect on Wednesday.
December 26, 2012
Mitt Romney, who opposed government subsidies for clean power and thought all energy production technologies should compete equally in the free market, did not win the election. That's the good news. The bad news is that his backward policies are still popular among many congressional Republicans, posing a threat to a wind-energy tax credit that is creating jobs and helping to wean the country off fossil fuels. Unless it is extended, the tax credit will expire at the end of the year.
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