California passes tax incentive
The state of California has passed an incentives bill. The new legislation provides a tax credit of 20% (25% for independent features under USD10 million), with an appropriation of USD100 million per year for five years starting on July the 1st 2009.
75% of the film must be shot in California, and TV series only qualify if they relocate from another state. All TV series for basic cable will qualify.
This is a below-the-line tax credit, and the credits may not be used until 2011.
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