LOS ANGELES (CBSLA.com) — Gov. Jerry Brown has announced a bipartisan $330 million deal to boost funding for California film and television tax credit program over the next five years, according to officials.
The current film tax credit awarded using a statewide lottery allows the California Film Commission to allocate up to $100 million of income tax credits a year to certain kinds of productions made in California, Brown’s office said.READ MORE: 101 Freeway In Hollywood Reopened Following Death Investigation
Under the new tax credit program, the lottery system would be eliminated and applicants will instead be ranked according to net new jobs created and overall positive economic impacts for the entire state starting in fiscal year 2015-16, officials said.
In a statement, Assembly Speaker Toni Atkins: “Not only does extending the Film Tax Credit keep cameras rolling in California, it will keep costumers designing, craft services catering, and carpenters hammering. It’s just common sense – when California hosts more production, we get more jobs and more revenue – two things our state can always use.”
In the past 15 years, film production has dropped nearly 50 percent in California, according to state data. In 2013, 21 of the 23 new prime-time series were filmed outside California.
Paul Audley. the President of FilmLA, the nonprofit organization that issue film permits in the city and county of Los Angeles, told KNX 1070 NEWSRADIO said the move could lead to a return of film industry-related jobs back to the state.