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Krekorian bill harnesses runaway productions

While a State Assemblyman, Paul Krekorian sponsored a bill that gave tax breaks to video production companies staying in State to film. The Councilman analyzes the effects of his own bill in the Daily News.

Two years into the program, we can now clearly see its enormous success. At this point, $300 million in tax credits have been granted to eligible film and television productions, specifically targeting those that otherwise would be likely to leave the state.

And what has California gotten for that investment? So far, the tax credits have resulted in $2.2 billion in direct production spending in California. Of that, $728 million was spent on the wages of an estimated 25,700 below-the-line crew and 6,100 cast members; an additional 172,000 Californians are estimated to have received daily employment as background extras.

The Councilman reminds readers that AB1069, sponsored by Felipe Fuentes, will make the temporary tax credits stick.