... The California Senate on Tuesday approved a two-year extension of tax credits for the film and television industry, providing $100 million annually through July 2017.
"The film and television industry is critically important to the economic vitality of the Los Angeles area," said Sen. Fran Pavley (D-Agoura Hills). "This is an economic engine. It's critically important that we send the right signal." ...
This has been tough to wrestle through the legislature each and every year of its existence. I dislike showering money on wealth corporations, but California is getting killed in the Run-away Production department. And although this program isn't aggressive enough to reverse the tide, it's better than nothing at all.
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If I am reading this right there have been tax breaks all along and they are extending them, is that right? So if there have been these tax breaks why has Sony mostly gone to Vancouver and DreamWorks is heading off to China etc. Quite frankly I think tax breaks as a whole are bad for everyone. Tax breaks are given, studios come, businesses grow due to the fact people are working and need services, tax break ends, studio leaves and all the businesses that relied on that studio flounder. The whole tax break game needs to be done away with everywhere. Just my 2 cents.
Reason Sony left:
The tax breaks are limited -- $500 million worth, targeted to lower budget movies.
I agree you that tax rebates are a fool's game and should be abolished. But I don't think that will happen.
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