Two Year Tax Credit Extension
Signed Into Law
As reported by the California Film Commission website, here.
Assembly Bill 2026 (Fuentes) and Senate Bill 1197 were signed into law today by Governor Edmund G. Brown Jr. to extend funding for California's Film & Television Tax Credit Program. The two-year, $200 million extension ensures that tax credits will be available through fiscal year 2016-17.
The original five-year Program enacted in 2009 was part of an economic stimulus package to increase film and TV production spending, jobs and tax revenues in California. Last year, the Program was extended for a single year through fiscal 2014-15 when the Governor signed AB 1069 into law. The new two-year extension provides added continuity and certainty to a program that has proved very successful.
Status for the Current 2012-13 Fiscal Year:
The Film & Television Tax Credit Program is fully subscribed for the current 2012-13 fiscal year. The Film Commission maintains a waiting list for any projects that apply. Applications for the next fiscal year's $100 million allocation of tax credits will be accepted starting June 1, 2013.
About the California Film & Television Tax Credit Program:
Since it was enacted in 2009, the California Film & Television Tax Credit Program has helped keep scores of productions and tens of thousands of jobs in California. Based on spending estimates by approved film and TV projects, the Program is responsible for generating an estimated $3.9 billion in direct spending statewide, including $1.3 billion in wages to 27,000 "below the line" crew members. More information about the California Film & Television Tax Credit Program is available at
http://film.ca.gov/incentives.htm
