The State Assembly of California has voted to extend the film and television tax credit for an additional five years, writes The Hollywood Reporter.
The State Assembly of California has voted to extend the film and television tax credit for an additional five years, writes The Hollywood Reporter. The bill received a 72-1 vote and will now move to the California Senate, which will vote on the bill this summer. The measure adds $500 million to the existing fund that expires in 2013-14.
Launched in 2009, the credit gives 20-25% back to productions for qualified expenses. The California Film Commission says the credit has created 31,000 jobs and brought $2.2 billion in spending to the state. Last year, 43 received the entire $100 million yearly budget on the first day it was available. Productions that missed out were put on a waiting list. The next $100 million of funding will be available on July 1.
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