Unions, Filmmakers: Tax Credits Making Strides Against Runaway Production
LOS ANGELES (CBS) — A state assembly panel heard entertainment industry officials give a clear endorsement on Friday about whether the state's tax credit program is working to keep productions in Hollywood.
KNX 1070's Bill Cooper reports the trade unions told the panel at Pasadena City Hall that the two-year-old "California Film and Tax Credit Program" is making strides in bringing back "runaway" production.
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"The first two years of this program has added over $2 billion in production spending, which in turn accounts for $720 million in wages, with over 20,000 for crew members," Ed Duffy of the Teamsters' union said.
Independent filmmakers were also among those urging the panel to protect the tax credit in order to save jobs.
"Even though the tax incentive in California is not as attractive as it is in other states...there's a value to be able to make a movie and sleep in your bed at night," producer Larry Thompson said.
While there is no immediate threat to the program, the tax credits are due to expire in about three years.
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