Television Academy Endorses Bill to Create Post-Production Tax Credit
The push to pass a post-production tax credit bill in the California legislature received a significant boost recently as the California Post Alliance announced that the Television Academy has thrown its support behind the cause. This announcement was made during a California Post Alliance town hall meeting that featured California Assemblyman Nick Schultz, the driving force behind the bill aimed at establishing a targeted state tax incentive for post-production work. The Television Academy confirmed its endorsement of the legislation in a statement provided to Variety.
The Television Academy, with over 20,000 members residing in California, believes that this legislation is crucial to retaining post-production work within the state, where a significant portion of their members are based. The support from such a prominent industry organization is seen as a powerful message in favor of preserving jobs for California’s post-production community, as stated by CAPA president Marielle Abaunza.
Assemblyman Schultz, who represents the Burbank area, introduced AB 2319, which seeks to provide a targeted tax incentive for post-production work, regardless of where the filming took place. Schultz emphasized the importance of keeping people employed in the post-production sector, citing personal stories of neighbors who have struggled to find work in the industry.
The statistics presented at the meeting revealed that California has suffered a loss of over 4,400 jobs and $500 million in annual wages within the post-production sector. The bill has already passed through key committees and is currently awaiting further action in the Appropriations Committee.
AB 2319 proposes a 35% to 50% tax incentive for post-production work completed in California, with a requirement that at least 75% of the post-production budget be spent within the state. This incentive aims to attract more post-production work to California, even if the filming itself took place elsewhere.
Industry professionals, particularly those in the music sector, expressed optimism about the bill’s potential impact on bringing back scoring work that has moved overseas in recent years. The bill is viewed as a crucial opportunity to restore competitiveness and equality within the industry, showcasing California’s talent and historical significance in the entertainment world.
Overall, the support from the Television Academy and industry professionals underscores the importance of passing this post-production tax credit bill to safeguard jobs and preserve California’s status as a hub for entertainment production. With bipartisan support and a strong advocacy campaign, there is hope that AB 2319 will pave the way for a revitalized post-production industry in the state.
