Independent study says state has yielded huge economic benefits since enacting location tax incentives in 2009
According to an independent study released Tuesday, the California Film and Television Tax Credit Program has generated $3.8 billion in economic activity more than 20,000 jobs and over $200 million in state tax revenue for the state since it was introduced in 2009.
The study, conducted by the Los Angeles Economic Development Corporation.
Matthew Gross, executive producer of ABC's "Body of Proof," and California State Assemblyman Felipe Fuentes (D-Sylmar), introduced the findings at a Los Angeles press conference Tuesday.
Gross and Fuentes are urging the California State Legislature to extend the tax credit program for another five years.
Gross said that with the tax credit keeping "Body of Proof" in California, the series will keep its $43 million in annual spending, as well as 200 production jobs, in-state.
Passed during Arnold Schwarzenegger's term as governor, the tax law allocates $100 million a year in tax credits for qualifying film and television projects.
According to a recent report, every tax credit allocated so far has accounted for $20 pumped into California’s economy.