Aug 9, 2014 1:19 PM by Associated Press
SACRAMENTO, Calif. (AP) - California lawmakers are negotiating the extension and expansion of a $100 million-a-year Hollywood tax credit that is designed to keep entertainment jobs in the state.
Democratic Assemblymen Mike Gatto and Raul Bocanegra have proposed AB1839, which would extend the existing credit by five years and expand it to include big-budget movies.
The incoming Senate leader, Democratic Sen. Kevin de Leon of Los Angeles, expressed concerns about the current lottery process for handing out tax credits but says he remains committed to passing an update of the program.
Officials say the process provides fairness given the high demand. The California Film Commission says 26 projects were approved for tax credits out of nearly 500 that applied this year.
The current credit is scheduled to expire in July 2017.
14 hours ago