The California State Assembly's Arts & Entertainment Committee voted Tuesday to approve a five-year extension of the state's film and TV tax credit program.
In an effort to stem the flight of production to other locales -- like New York, Canada, or elsewhere -- the Golden State in 2009 adopted the tax incentive program. A bill introduced by assemblyman Felipe Fuentes extended the program last year, and he followed that up with the five-year extension. So far, the program has extended $400 million in tax credits, targeted to TV and film projects most likely to leave due to incentives from other states or countries.
The vote was 8-0, according to a Fuentes spokesman. It now goes to the Assembly Committee on Revenue and Taxation. "We're hopeful the bill will be approved in its current form," said the spokesman.
Since the incentives were extended, says bill-backer the Directors Guild of America, it has generated $2.9 billion in spending and created 29,000 jobs in California.
"We are very pleased that the California State Legislature's Arts & Entertainment Committee voted decisively today to pass [the bill]," said Bryan Unger of DGA. "The California incentive program, since its passage in 2009, has lived up to its promise. California-based DGA members have been among the direct beneficiaries of the thousands of jobs created by this program, enabling them to work in the State, remain close to their families, and in turn support local businesses and local economies."