We Love L.A.: Why California Needs a Bigger Tax Incentive Plan to Rebuild the Entertainment Capital of the World

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We Love L.A.: Why California Needs a Bigger Tax Incentive Plan to Rebuild the Entertainment Capital of the World

//business-finance.news-articles.net/content/202 .. uild-the-entertainment-capital-of-the-world.html

Published in Business and Finance on Friday, January 24th 2025 at 15:01 GMT by MSN

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

We love L.A. Randy Newman famously gave us the melody for that phrase. For more than 100 years, Los Angeles has been the entertainment capital of the world - a city of dreamers, creators and innovators.

2025-01-24 231 x 130 / 4951 Bytes

The article discusses the urgent need for California to enhance its tax incentive program to maintain its status as the entertainment capital of the world. It highlights that while California has been the epicenter of film and television production, other states and countries are increasingly attracting these industries with more lucrative incentives. The current tax credit program in California, which offers a 20-25% tax credit, is set to expire in 2025, and there's a push to not only extend but also expand it. The article points out that without a competitive incentive, productions are moving to places like Georgia, New York, and even internationally to places like Canada and the UK, where incentives can be as high as 40-45%. This shift is not only affecting job opportunities but also the economic ecosystem around film production in California. The piece argues for a larger, more robust tax incentive plan to keep and attract film and TV projects, thereby preserving jobs, supporting local businesses, and maintaining California's cultural and economic dominance in the entertainment industry.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/movies/celebrity/we-love-l-a-why-california-needs-a-bigger-tax-incentive-plan-to-rebuild-the-entertainment-capital-of-the-world/ar-AA1xOaEV ]

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We Love L.A.: Why California Needs a Bigger Tax Incentive Plan to Rebuild the Entertainment Capital of the World