|
Entertainment Tax Credit Passes Assembly
Dear Friends,
I am proud to announce that the Legislature overwhelmingly passed a $330 million Entertainment Tax Credit to bring “below the line” and post-production jobs back home! With an opportunity to bring thousands of jobs to California, the Legislature rose to the challenge and answered the call.
Building on the success of the landmark 2009 legislation, this bill triples the amount of incentives for film productions in the Golden State from $100 million to $330 million in tax credits a year. AB 1839 will retain tens of thousands of jobs in the Entertainment Industry, keeping vital film jobs in Los Angeles for our hard working families.
The Entertainment Tax Credit (AB 1839) provides California a competitive edge in promoting a long standing industry, which will result in thousands of jobs, along with billions in economic output and state and local tax revenue.
A single $175-million motion picture filmed wholly in California will:
- Employ more than 2,400 Californians during production.
- Generate more than $470 million in total economic output.
- Generate $27 million in total state and local tax revenue.
*Estimates provided by www.filmworksla.com
Job creation is my number one priority. That is why since taking office, I was proud to introduce three measures, AB 286, AB 1189, and AB 2700 calling for an expansion of the Entertainment Tax Credit.
I will continue to work diligently to ensure that we preserve the viability of the Entertainment Industry in California for years to come.
Adrin Nazarian
Assemblymember, 46th District
|
