California Gov. Jerry Brown on Sunday signed legislation extending the state's $100 million tax-credit fund for two more years.
The measure allows California producers a 20 percent or 25 percent credit against income and sales and use taxes and is designed to help stem the production exodus that has plagued the state in recent years.
"The state of California took a big step forward today, thanks to Governor Brown and the legislature,” said Christopher Dodd, chairman and chief executive officer of the Motion Picture Association of America. “The two-year extension of the state’s production tax credit will keep California competitive for tens of thousands of production-related jobs. This is an important victory for California’s economy, our national economy, and the hardworking men and women who comprise the film and television industry....”
The bills had strong backing from TV and film producers and a coalition of labor groups including SAG-AFTRA, the Directors Guild, the California Teamsters Public Affairs Council, Teamsters Local 399, Professional Musicians Local 47. IATSE and the Recording Musicians Association.