Filming Tax Breaks Help Bring Hollywood Back
A new tax incentive allowed under a new bill for filming in California has been so popular, the majority of its allotted money has been taken advantage of by 25 film projects across the state. Local Assemblymember and current LA city council candidate Paul Krekorian's legislation to allow up to $100 million in tax credits for filming became a reality last month with 25 productions already claiming $67 million. “Just one month into the start of this unparalleled effort to boost jobs and invigorate our economy, we have already seen how this targeted economic stimulus measure has retained California jobs that will surely deliver much needed revenue,” Krekorian said yesterday against the backdrop of the nearly empty 20th Century Props, a local business that fell victim to runaway production. The $100 million in tax breaks is expected to inject $2.5 billion back into the state's economy.