Assembly Committee Greenlights Expansion of California’s Film and TV Tax Credit
May 15th, 2014 by admin
Legislation to expand California’s incentives for movie and TV production cleared the Assembly’s Revenue and Taxation Committee on Tuesday, as lawmakers try to respond to the flight of production to other states with a sweeter offering of tax credits.
There had been few doubts that the legislation, AB 1839, would make it out of the Revenue and Taxation Committee, whose chairman is Assemblyman Raul Bocanegra, who co-authored the bill along with fellow Democratic Assemblyman Mike Gatto. The vote was 8-0.
The legislation would expand the incentive program to cover feature films with budgets over $75 million as well as new TV drama series, addressing the loss of such productions to other states. The legislation also has a special 5% credit for music scoring and editing, and Gatto said that they were working on additional provisions for post-production, as well as visual effects.