Wednesday, May 14, 2014

VARIETY: Mayors Urge California to Expand Production Tax Credit

Ted Johnson- Senior Editor
May 13, 2014 | 10:29 AM

Seeking to boost prospects for expanding California’s production tax credit, mayors from 10 of the state’s largest cities announced their support for legislation to make the Golden State more competitive with dozens of other states that are luring production away.

Mayors from Sacramento, San Francisco, Fresno, Bakersfield, Oakland, San Jose joined with civic leaders from Los Angeles, Long Beach, Santa Ana and San Diego in an effort to show that support for an expanded credit extends beyond the state’s production centers in Southern California...

...A letter from the mayors was released in advance of an Assembly Revenue and Taxation Committee hearing on Tuesday to consider legislation from Assemblymen Mike Gatto and Raul Bocanegra that would make big-budget motion pictures eligible for the credit as well as more categories of one-hour drama series and post production work.

Still to be announced is exactly how much money lawmakers will seek to expand the program, which is currently at $100 million per year. That figure is expected later this month as the legislation moves through the Assembly...

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You can read this entire article and more by visiting VARIETY HERE.
Mike Gatto is the Chairman of the Appropriations Committee in the California State Assembly.  He represents Burbank, Glendale, La Cañada Flintridge, La Crescenta, Montrose, and the Los Angeles neighborhoods of Atwater Village, East Hollywood, Franklin Hills, Hollywood Hills, Los Feliz, and Silver Lake.

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