September 30, 2012

JERRY BROWN SIGNS CALIFORNIA TV, FILM TAX CREDIT EXTENSION:

California Gov. Jerry Brown on Sunday signed legislation extending the state’s $100 million tax-credit fund for two more years.

The measure allows California producers a 20 percent or 25 percent credit against income and sales and use taxes.

Two nearly identical measures, AB 2026 from Assemblyman Felipe Fuentes and SB 1197 from state Sen. Ron Calderon, were sent to the governor’s desk on the final day of the legislative session. With their passage, the California Film Commission can continue  to allocate tax credits through and including the 2016-17 fiscal year.

Two observations: 1. Jerry Brown finally discovers the Laffer Curve! (And then promptly forgets it for the rest of California.)

2. Repeal the Hollywood Tax Cuts! (To coin a phrase.)