Gov. Jerry Brown signed California Assembly Bill AB 1839 in front of the TCL Chinese Theatre in L.A. with studio executives and Warren Beatty attending the ceremony
- September 19, 2014
AceShowbiz -
California Gov. Jerry Brown has signed into law legislation a new bill that triples the state's tax credit from $100 million a year to $330 million a year for films and TV shows produced in the state. The gov signed California Assembly Bill AB 1839 on Thursday, September 18 in front of Hollywood's TCL Chinese Theatre.
"Yes, it's taxpayers money, but it's taxpayers money to build good jobs for the future," he said in a ceremony attended by government officials, studio executives and actor Warren Beatty. He added that this "isn't just government or people, industry or business, it's all of us working together with a big dream for a place of opportunity."
Academy Award-winning director Beatty kept it brief during his speech, saying, "This means a lot. Thank you."
The law will take effect beginning next year. Though not as much as the $420 million annually that New York offers, the increased tax credits are expected to prevent runaway production from fleeing to other states and countries.
