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Santa Monica Lawmaker's Bill Extends Film and Television Tax Credits
By Jorge Casuso
June 19, 2018 -- State legislation co-sponsored by a Santa Monica lawmaker extending tax incentives that helped revive California's movie industry passed the Assembly on Monday.
The legislation co-sponsored by Assemblymember Richard Bloom extends the Film and Television Tax Credit Program to 2025 and makes key improvements to help make the industry more competitive and diverse.
Bloom, a former Santa Monica mayor, called the program -- which was incorporated into the 2018-2019 Budget through Senate Bill 871 -- "one of California’s most successful tax-incentive programs."
“California has been the capital of the entertainment industry since its inception," Bloom said in a statement. "It is an industry that employs hundreds of thousands of people, including many of my constituents, and supports small businesses throughout the state.
The program, Bloom said, "helps us stay competitive and will help keep Hollywood in California, where it was born.”
Originally passed by the Legislature in 2014, the incentive program helped stem an exodus of film and television productions lured by tax incentives offered by other states.
After peaking in the late 1990s, the film and television industry lost 90,000 middle class jobs and $3 billion in wages, according to Bloom's office.
The loss had a deep impact on small businesses that rely on the entertainment industry, his office said.
Feature film production dropped by as much as 30 percent and the market share for one-hour basic cable production dropped by 48 percent, according to Bloom's office.
The original bill "more than tripled the size of the existing program from $100 million to $330 million, allowed larger feature films to receive credits, increased the incentives to television shows, and allowed credits for music scoring and editing," Bloom's office said.
In addition to continuing to allocate $330 million in available tax credits, SB 871 "implements new provisions around workforce training, sexual harassment, and diversity," Bloom said.
The measure also pilots the Career Pathways Training program, which "will create opportunities for individuals from underserved communities to gain employment in the film and television industry," Bloom said.
The bill now heads to the Governor for signature.
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