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SimplyScripts Screenwriting Discussion Board    Discussion of...     General Chat  ›  Interesting financial stuff... Moderators: bert
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wonkavite
Posted: August 29th, 2012, 9:16am Report to Moderator
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... at least for the east coast...!  

Hollywood tax break prompts debate over economy
Hollywood tax break extended as lawmakers argue over Calif. tax code, industry favoritism
By Tom Verdin, Associated Press | Associated Press – Wed, Aug 22, 2012 11:03 AM EDT

SACRAMENTO, Calif. (AP) -- A straightforward effort to extend a Hollywood tax break evolved into a robust debate Tuesday in the state Senate over California's tax code and how it alternately punishes and favors certain industries.

Several lawmakers from both parties used the debate over SB1167 to say the Legislature should consider similar breaks for other industries, including high tech and biotech, while seeking to revamp the state's tax code. Many said film and TV production is just one example of a major industry fleeing the state because of high costs and stifling regulations.

Republican Sen. Sam Blakeslee, of San Luis Obispo, argued for an overhaul of the state's outdated tax system, saying it has become a burden on the state's ability to boost its economy.

Lawmakers are "handing out tax credits to favored industries that are politically connected," he said.

He noted that a detailed report issued by a tax-reform commission convened under former Gov. Arnold Schwarzenegger has been ignored.

Even some Democrats took the occasion to argue for a wider examination of personal and corporate taxes in the state. Sen. Loni Hancock, D-Berkeley, said she would oppose the extension of the Hollywood tax credit, favoring instead "a real discussion" that would lead to sufficient tax revenue for public schools and higher education.

Sen. Roderick Wright, D-Inglewood, listed some of the major manufacturing sectors, including autos, airplanes and passenger tires, that have abandoned California in recent decades as other states offered lower taxes and fewer regulations. He and others noted how even Silicon Valley high tech companies often choose to expand out of state or, as in the case of Apple, outsource most of their manufacturing to Asia.

Wright singled the state's fee-heavy greenhouse gas emissions law as a potential impediment to California's economic attractiveness.

"If we're going to become an enemy to business, we should at least be honest about it," he said.

The bill by Sen. Ron Calderon, D-Monterey Park, eventually passed on 32-3 vote and was sent to the Assembly.

It extends a $100 million-a-year tax credit for film and television production for two years, until 2017. It requires the independent Legislative Analyst's Office to issue a report by January 2015 on the tax credit's economic effects.

A committee analysis said the credit will cost the state $22 million in the 2015-16 fiscal year alone.

But Calderon said the cost to the general fund is offset by the money generated by film production remaining in state. He said the credit has generated $2.9 billion in direct spending over the last 2.5 years, creating tens of thousands of jobs.

More than 40 other states, including New York, a main competitor to California's film industry, offer production credits. Many of those are more enticing than California's.

"I love New York, but I don't love it enough to send all our jobs and all of our business to the East Coast," Calderon said in arguing for the extension.

A companion bill that would extend the tax credit through 2020 is pending in the Assembly.

Even with the tax credit, film and TV production continues to head to other states and Canada. The Los Angeles Times reported last week that just two of the 23 one-hour television dramas for the upcoming season were shot in Los Angeles County, with most production moving to New York, North Carolina and other states.
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leitskev
Posted: August 29th, 2012, 9:57am Report to Moderator
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Businesses of every kind are leaving California in droves. It's an anti-business state.

"(They) didn't build that!!"
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Grandma Bear
Posted: August 29th, 2012, 10:03am Report to Moderator
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NC is often referred to as Hollywood East. Blackout and Finders Keepers were both shot there as were the slightly more known film The Hunger Games.  

Florida used to be pretty popular with the film industry, but they got rid of the tax credits for film and TV productions and then the film and TV businesses left. Now they have put it back in again on a smaller scale, I think. Lets hope the film businesses will come back.


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greg
Posted: August 29th, 2012, 10:07am Report to Moderator
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Oh Hi

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California's state government is a joke and you don't need to be from California to know that.


Be excellent to each other
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Mr. Blonde
Posted: August 29th, 2012, 10:31am Report to Moderator
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What good are choices if they're all bad?

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There was going to be a movie studio next to where I went to high school. That said, these genui (plural) went in with virtually no funding. Thank god, too, because if that's how they build their business, their potential films would've been a disaster...


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leitskev
Posted: August 29th, 2012, 11:45am Report to Moderator
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Blonde must be from Plymouth, or close!
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Mr. Blonde
Posted: August 29th, 2012, 12:06pm Report to Moderator
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What good are choices if they're all bad?

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Quoted from leitskev
Blonde must be from Plymouth, or close!


Well, I did tell you I was on the south coast. I still say it would've been a disaster but I sure as hell would've volunteered there everyday if I could...


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leitskev
Posted: August 29th, 2012, 12:08pm Report to Moderator
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At least they're still making plenty of films here. Not the same as having a studio, of course.
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