Runaway productions may be headed for a u-turn. 25 films are taking advantage of a new tax credit, designed to keep productions in California.
Over the last few years, several production companies moved television and film shoots out of the Hollywood taking advantage of tax credits offered in other states.
Now, California is offering a deal - refundable tax credits. The money won't be paid until 2011 but production companies can start qualifying for the tax credits now.
“So often people talk about incentives benefiting Steven Spielberg.. This is not really about the studio heads it’s not about producers,” said Assemblyman Paul Krekorian.
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“It’s about people who live and work right here in the San Fernando Valley,” he said. “And who depend on production taking place to feed their family and have an income month to month.”