Thursday, January 28, 2021

PLANS TO RAISE CALIF. TAX INCENTIVES FOR MOVIES HITS BRICK WALL

November 14, 2013 by · Leave a Comment 

One day after Los Angeles Mayor Eric Garcetti, accompanied by his new film czar, Tom Sherak, appeared before the Hollywood Chamber of Commerce and vowed, “We’re going to Sacramento and storming that place like never before” in order to persuade state lawmakers to increase tax incentives for the movie and TV industry, a state senator has indicated that she won’t be giving them a warm reception. Sen. Lois Wolk, who chairs the key Senate committee on governance and finance, said in a statement, “I’m not a fan of tax credits in general. In fact, I’m a real skeptic of all of them and have done everything possible to limit their size and duration.” She cited a study by the state legislative analyst, who concluded that far from bringing in more tax dollars to the state, the current movie program may actually “result in a net decline in state revenues.”