Garcetti Pushes For More Tax Credits To Keep Movie Production In California
SACRAMENTO (CBSLA.com) — Los Angeles Mayor Eric Garcetti met with Gov. Jerry Brown at the Capitol on Wednesday to push for more incentives to keep movie production in California.
The mayor is concerned that more movies and TV shows have been “runaway productions” — shot outside the state and taking jobs with them. One recent blockbuster was “Iron Man 3.”
Garcetti has made the incentive program a centerpiece of his administration.
California has a $100 million tax incentive program, but as Ted Johnson from Variety point outs, that pales in comparison to what some other states are offering.
In an effort to change that, Garcetti and six other California mayors, from San Francisco to Santa Ana, met with the governor and legislative leaders, urging them to beef up the incentive program to more than $400 million.
Garcetti said he’s confident the Legislature will support their proposal.
But will the governor?
Now officials in North Carolina, where “Iron Man 3” was made after offering big tax incentives, have decided the state can’t afford it. They’ve dramatically reduced their incentives, and other states may be thinking about following suit.