California Assembly Panel OKs Production Tax Credit Extension

The California state Assembly Appropriations Committee has unanimously approved a bill extending the state's film and television tax credit program for an additional two years, the LA Times reports. The current extension of the program that allocates $100 million yearly in credits expires next year. Industry proponents had hoped for a longer extension but lawmakers were skittish because of the state's fiscal situation. The bill now heads to the full Assembly for a vote likely next week. The state Senate is expected to consider its version of the measure later this month.