California Senate Committee Approves New TV & Film Tax Credit at $400 Million

LOS ANGELES: California's Senate Appropriations Committee has passed a bill to expand the state's tax-credit program for film and TV productions, making $400 million available annually.

The committee approved the proposal on a 5-0 vote. The move, which still must be approved by the full Senate and be signed by Gov. Jerry Brown, would quadruple tax subsidies for location shooting from $100 million to $400 million a year. It would also eliminate the current lottery system by which film and TV projects are awarded credits, replacing it with something more competitive. Applicants would be ranked according to new net jobs and overall economic impact to the state.