Lawmakers gave a preliminary thumbs up to a two-year extension of California's film tax credit, a mixed result for Hollywood backers who had pressed for a five-year extension but were relieved to get more money given the state's budget crunch.
By a 5-1 vote Thursday, the Senate Governance and Finance Committee supported a bill that would extend the tax credit, which was due to expire in July 2013, through 2015. The original bill would have provided funding through 2018.
California currently sets aside $100 million annually for dozens of film and television projects applying for credits that cover 20% to 25% of qualified production expenses. The program is limited compared with what many other states offer, in that it excludes movies with budgets of more than $75 million.
