Assembly Speaker Toni G. Atkins joined Governor Edmund G. Brown, Jr. and other legislative leaders to announce a historic deal to extend and improve California's Film and Television Tax Credit Program, making it the second largest tax credit program in the nation.
"Not only does extending the Film Tax Credit keep cameras rolling in California, it will keep costumers designing, craft services catering, and carpenters hammering," said Speaker Atkins (D-San Diego). "It's just common sense—when California hosts more production, we get more jobs and more revenue—two things our state can always use. I'd like to thank the co-stars of this effort, Assemblymembers Raul Bocanegra and Mike Gatto, President pro Tem-elect Kevin de Leon—and, of course, Governor Brown for ensuring the final scene is a good one."
"This legislation is the product of years of work to preserve middle class jobs for a key California industry," stated Assemblymember Mike Gatto (D-Los Angeles). "I am so pleased that we have been able to come together for working Californians."
The agreement reached today on AB 1839, the California Film and Television Job Retention and Promotion Act of 2014, will extend the state's film tax program by five additional years and increase its allocation from an annual $100 million to $330 million. The bill will also restore accountability and fairness to the lottery system used to award the credit.
"This is a home run for the film and television industry in California. Reaching this deal has been a long and difficult process, and I'm proud to have worked in tandem with my joint author Assemblymember Mike Gatto as we were able to deliver for our constituents," said Assemblymember Bocanegra (D-Pacoima). "I'd like to thank the Governor, Speaker Atkins and Senate leadership for their help and leadership in reaching this historic agreement. This expanded and improved program will go a long way towards making California more competitive and ultimately will protect and create tens of thousands of jobs for hard working Californians."
California's film and television industry has suffered a decline in film production over the past decade due to increasing competitive subsidies in other and countries. Since its 2009 inception, the California Film and Television Job Retention and Promotion Act has prevented approximately 51,000 well-paying jobs from leaving the state, and helped generate $4.5 billion in economic activity.
The bill is anticipated to pass both houses of the legislature today and move to the Governor for his signature.
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