Economy

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9. California Just Made A Big Move To Restore Hollywood's Dwindling Dominance

Fri Sep 19, 2014, 06:07 AM

Sep 2014

http://www.businessinsider.com/california-just-made-a-big-move-to-restore-hollywoods-dwindling-dominance-2014-9

California Governor Jerry Brown just signed a bill on Thursday tripling the state's tax breaks for entertainment companies doing business in Hollywood's home state.

The move is meant to combat California's economy has taken a $2 billion hit from runaway production in the past four years as producers sought cheaper places to do business, according to the California Film Commission.

Back in June, the research division at FilmL.A., a not-for-profit film office specializing in coordinating permits for on-location shooting in Los Angeles, released a report detailing L.A.'s struggle to hold onto TV projects.

The study stated that the “2013/2014 development cycle saw New York (with 24 drama projects retained) dethrone Los Angeles (with 19 drama projects retained) to become North America’s most attractive location for one-hour TV pilot production.”

Read more: http://www.businessinsider.com/r-california-triples-tax-breaks-for-film-production-2014-9#ixzz3DkrCjXBU

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