Los Angeles Mayor Eric Garcetti hailed the governor’s announcement that a deal has been struck on a bill that would provide up to $330 million in incentives annually for movie and television productions in California.
The deal would increase the incentives offered by the state from $100 million.
The agreement between the governor and legislative leaders calls for extending the California Film and Television Tax Credit Program for five years, starting in fiscal 2015-16.
The deal also calls for abandoning the lottery process to pick the recipients. Instead, applicants will be judged based on the number of jobs they provide and their economic impact.
The bill now awaits a vote on the state Senate floor.
Garcetti declared the agreement a “success for California’s middle class,” as it would benefit the “heart and soul of the entertainment industry,” such as “artisans, craftspeople and tradespeople who you never see on screen.”
It would help Los Angeles hang on to its standing as “the entertainment capital of the world,” he said.
Earlier this years, the mayor appointed a film czar to lobby for increased tax incentives.
Assemblymen Mike Gatto and Raul J. Bocanegra, both D-Los Angeles, wanted to increase the incentives to $400 million to compete with tax credits offered by other states. New York program provides about $450 million annually in tax incentives for film and television projects.
— City News Service