The rich and predominantly white elites of Hollywood will soon be swimming in $330 million in tax credits paid for by the hard working citizens of California. This more than triples the amount of corporate welfare the failed state was previously doling out to Hollywood gajillionaires:
California legislative leaders and Gov. Jerry Brown announced a deal on Wednesday to extend and expand California’s movie and TV tax credit, more than tripling its size to $330 million annually.
“Proud to announce a deal with Dem and Rep leg. leaders to expand, extend & improve CA’s TV and film tax credit program,” Brown said via Twitter.
The $330 million annual outlay would be less than the amount of the $400 million per year outlay sought by the bill’s principal co-authors, Assemblyman Raul Bocanegra and Assemblyman Mike Gatto. Nevertheless, it will be a significant improvement from the $100-million per year currently awarded in California tax credits.
The deal reached between Brown and Senate and Assembly leaders also extends the program through 2019-20, an additional year beyond the latest version of the legislation. The new program would start in fiscal year 2015-16.
Remember the left’s rule of economics: Lower taxes are good for Hollywood, bad for everyone else.
Follow John Nolte on Twitter @NolteNC
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