CALIFORNIA QUICKLY SPENDS ALL ITS MOVIE TAX-CREDIT FUND

California’s $100-million tax-credit fund aimed at stemming the tide of runaway productions to other states, has been depleted for the year, the Los Angeles Times reported today (Wednesday). The California Film Commission has granted tax credits to 30 of the 75 productions that applied for them, the newspaper said. The remaining productions, California Film Commission Executive Director Amy Lemisch told the newspaper, are likely to go to other states or countries. “The demand is far exceeding the supply,” she said. In fact, the Times noted, the state set aside $500 million for its film tax-credit program to be allocated at the rate of $100 million per year. However, the Times noted, the law allowed the CFC to use the second year of tax credits during the first year, and it did.