Report: California Film Tax Breaks Bring $1.1 Billion in Spending
A new report should spark renewed interest in bringing beefier tax credits to California's film and television industries.
The Washington Post reports that roughly $1.1 billion was spent over the last year by film and TV productions receiving newly enacted tax subsidies.
According to a study released by the California Film Commission on Wednesday, that $1.1 billion came after the state spent $155 million on tax subsidies for 45 feature films, 13 television movies, and 13 television series from July 2013 to June 2014.
California began offering tax subsidies for film and television production in 2009 to stem losses of production to other states and countries that had begun offering subsidies. The state currently has a $100-million-a-year subsidy cap, less than some states including New York, Louisiana and Georgia.
California politicians including L.A. Mayor Eric Garcetti have been arguing for months that more lucrative tax credits will keep more of the state's existing productions from leaving.