Hollywood Has Lottery To Receive State Tax Credits - Los Angeles Local News | FOX 11 LA KTTV

Hollywood Has Lottery To Receive State Tax Credits

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Los Angeles, CA -

At 3:30pm this afternoon a $100,000,000 lottery will be held in Hollywood. It's not Powerball. Nope, not Mega-Millions either! But, to those in the film and TV industry it can be just as golden.To curb runaway production and keep work in the Golden State the California Film Commission is giving away big tax credits for the 5th year.

It's a program that started in 2009. But, while $100-Million sounds like a bunch of bucks even commission member Steve Dayan says it's not enough. He representatives Teamsters local 399 on the board. He says when films and TV shows leave California untold numbers of people get hurt from those who have jobs related to the production to outlets with goods and services in the area of the location shoot. The lottery will be held at the Film Commission office at 3:30pm. Winners and others will be told of the results by email tomorrow morning. And, some producers told me if they don't win they'll be taking their films and TV shows to places like New Orleans and Georgia.

Hal Eisner

 

California will stage its one-of-a-kind lottery to determine which film and TV projects receive state tax credits. The stakes are high in this age of "runaway production" -- projects that don't get selected are likely to leave California and shoot in Louisiana, New Mexico, Georgia, New York or one of the other 40 states and dozens of countries that have an ample supply of tax credits for all who apply.
 
The lottery exists because demand for California tax credits far exceeds supply. It's a strange but compelling spectacle.

More than 40 U.S. states and dozens of countries now offer lucrative tax credits to lure film and TV production away from California. The Golden State began fighting back in 2009 with its own very-targeted tax credit incentive.

A lottery is required to disperse tax credits because California's incentive program (which is capped at $100 million annually) doesn't come close to meeting demand (note New York State has a $400 million-plus annual tax credit program). California is the only jurisdiction that must stage a lottery in order to determine which projects will (and will not) receive tax credits.

(Source: California Film Commission / Excel PR)

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