MAYOR GARCETTI CALLS FOR TV PRODUCTION COMPANIES TO APPLY FOR NEWLY EXPANDED TAX CREDIT AS APPLICATION PERIOD OPENS
Confident from ‘Greenlight Hollywood’ Outreach Effort That All Major Production Firms Will Apply for First Round of New TV Tax Credit
LOS ANGELES — Mayor Eric Garcetti today called for TV production companies to apply for the state’s new TV tax credit during the application period that runs from May 11 to May 17. Mayor Garcetti also said that based on the outreach conducted through his “Greenlight Hollywood” campaign, he is confident that every major TV production company will participate in the process.
Mayor Garcetti helped lead a statewide coalition to pass legislation tripling California’s film and television production tax credit to $1.65 billion over five years. According to a study by the Milken Institute, the credit is expected to support up to 50,000 middle class jobs. This important legislation is aimed at protecting and expanding an industry that is integral to the State’s economy and identity.
“Here in L.A., the entertainment industry is more than glitz and glamour; it’s a bedrock of our middle class, and so I urge production companies to take advantage of the expanded tax credit we fought so hard to pass,” Mayor Garcetti said.
More than $50 million in tax credits are available for new TV series, TV pilots, Movies-of-the-Week and Miniseries. In addition, more than $27 million in tax credits are available for “relocating TV series” — a television series that filmed its most recent season outside of California but is relocating to California because of the new tax credit.
Mayor Garcetti has made protecting and expanding L.A.’s entertainment industry a centerpiece of his administration because it is critical to our economy. In addition to the key role he played in tripling the tax credit, he launched the “Greenlight Hollywood” campaign, led by Ken Ziffren, his senior advisor on entertainment industry issues, to work with production companies to take advantage of the tax credit. Mayor Garcetti also issued an executive directive to make City Hall more film-friendly and announced budget proposals to invest in city services that would encourage filming and entertainment job creation. He also appointed Board of Public Works President Kevin James to serve as his Director and Chief Liaison of the Mayor’s Office of Film and Television Production to ensure that city processes are streamlined.
“Now that the increased film tax credit is in place, we are focusing on getting producers to utilize it and on cutting red tape to make sure L.A. is as film-friendly as possible,” added Mayor Garcetti.