Posted on 07/01/2023 1:27:26 PM PDT by Libloather
(CNN) - The state of California is about to give movie and TV studios a new lucrative tax perk.
A bill awaiting California Gov. Gavin Newsom’s signature would extend the state’s tax incentive program for film and TV productions for five years but with a key update: Studios with more tax credits than they can use will be able to exchange those credits for cash. The bill, part of the state’s overall budget plan, was passed by California legislators on Tuesday, and Newsom is expected to sign it on Friday.
The bill also mandates any production that receives the tax credit to comply with new on-set firearm safety protocols following the 2021 deadly shooting on the set of Alec Baldwin’s film “Rust,” and it implements requirements aiming to meet diversity hiring targets.
The new, refundable tax credits come as competition for film and TV production from other states and countries is on the rise. States like New York and Georgia are gaining share of the TV and film market, thanks to their own tax incentive programs, according to a 2021 report from FilmLA - a nonprofit organization that helps creators with production planning and film permitting.
The bill should be a boon for studios like Netflix. The streaming giant had not previously been able to take full advantage of the tax credit program since it uses a separate research and development incentive from California to significantly reduce its tax liability. In a 2020 SEC filing, Netflix said it had $250 million in California R&D tax credits - far more than it could use.
Disney and Comcast’s Universal Studios were the only two studios that benefited under California’s existing tax incentive program, due to their relatively larger tax bills from theme parks, according to Democratic assemblywoman Wendy Carrillo...
(Excerpt) Read more at cnn.com ...
Actors delay potential strike against studios and streaming services, extending contract negotiations
> day 61 - has anyone noticed?)
I’ve hardly turned on the TV in the last few years. Real people are more interesting. I watch online videos about gardening, tech stuff, some news/commentary and maybe a funny video here and there and music while I work. TV has nothing to offer.
Didn’t disney lose lime $800 million in their last few movies? No one is watching loser democrat movies...let’s keep it up.
California being the fifth largest economy in the world has to keep Hollywood. It’s not just actors, directors and writers, but mom and pop stores nearby, restaurants, hair stylists, catering, and a slew of others. They all bring in money for the state.
California....or anyone that knows or can get a request to Gavin Newsome and the rest.
PLEASE, PLEASE, PLEASE, PLEASE, PLEASE, lure ALL, EVERY, ALL of the studios that have set up shop in Georgia either to California. PLEASE. In the name of all things HOLY, PLEASE lure them all out of Georgia.
I had the unfortunate opportunity to fly to san diego for work. I trust I do not have to go back.
So taxpayers will be bailing out Netflix.
And since money is fungible and CA is broke, likely federal taxpayers.
God help the Harkles if taxpayers find out he’s here on a visa that allows them to dodge US income taxes.
That’s good. I visited there for two weeks in 1999. I actually liked it. But would never move there.
Would rather watch stuff from Angel, Daily Wire, or non-Woke foreign
The bill should be called the “Please don’t leave Ca and take your biz to Florida tax reform”.
Did you get a “San Diego thank you”?
Studios in the tank because they turn out third rate remakes and woke garbage. Now our governor is going to use your money, and mine, to give them a bailout. Movie Studios. Entirely discretionary entertainment. Did I get a refundable tax credit? Hell No! I had to pay and pay and pay.
Meanwhile there’s a 6 hour wait at my local ER since they are busting open with pregnant illegals and their elderly abuelas who will take the dialysis machines away from my WW2 grandfather.
I am sure I do not even want to know what that is.
These writers can’t write anyway with all the crap coming from Disney , LOL
Actually I had noticed! I wondered why the amount 9f insipid liberal shibboleths seemed lower lately.
Just kidding, I don’t watch their crap.
And it looks like taxpayers will be subsidizing it...
From a couple of days ago. What timing!
https://www.barrons.com/articles/netflix-earnings-stock-upgrade-buy-330deafc
I remember some chatter from some liberals that Hollywood should pull out of Georgia. This was at the time of Georgia passing their voter law, which the Liberals called the return to Jim Crow, and Joe Biden said was not Jim Crow but Jim Eagle.
I’ve heard other talk that Georgia was not a safe State because of abortion restrictions. There the talking point was that Georgia isn’t safe for women.
If the Hollywood idiots really want to live up to their own values, and adhere to their own standards , they would never leave the liberal State of California.
Something like that. That has to hurt eventually.
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