Those corporate fat cats in Hollywood just got another tax break, courtesy of Calif. Gov. Jerry Brown.
Variety reports Brown signed a bill late Sunday, the legislation’s final day of eligibility, extending California’s film production incentive program for another year.
Assembly Bill 1069 will provide a one-year $100 million extension to California’s 3-year-old Film and Television Tax Credit Program. In its three-year history, the California program has allocated credits totaling $400 million and will allocate its final $100 million by next July.
The bill, authored by Assemblyman Felipe Fuentes, received a 77-1 approval in the Assembly in June when it provided for a five-year extension.
“I’d like to applaud Governor Brown’s leadership in signing AB 1069 today,” Fuentes said in a statement early Monday. “By creating tens of thousands of jobs and pumping billions into our economy, the film and television tax credit program has truly been a statewide economic stimulus package.”
A recent study by the Los Angeles Economic Development Corp. showed that the first two years of the program has generated $3.8 billion dollars in economic activity statewide, created more than 20,000 jobs and over $200 million dollars in tax revenues.
Sounds like those hygienically challenged Occupy Wall Street types have a new front in their battle against The Man and his fat cat friends.