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Governor, lawmakers agree on Hollywood tax credit

Posted: August 27, 2014 1:41 p.m.
Updated: August 27, 2014 1:41 p.m.
 

SACRAMENTO, Calif. (AP) — California lawmakers and Gov. Jerry Brown say they have reached a deal that would offer $330 million a year in tax credits for Hollywood film productions over five years.

The Democratic governor announced the bipartisan agreement Wednesday, before the Legislature was expected to consider it.

Los Angeles lawmakers had been pushing to replace the current lottery system, which offers $100 million a year through a bidding process, as other states and countries increasingly try to lure productions.

Democratic Assemblymen Raul Bocanegra and Mike Gatto of Los Angeles had sought $400 million a year in credits through their legislation, AB1839.

Wednesday's compromise would rank applicants according to the number of jobs they expect to create and the overall economic impact to California. It also expands the program to include big-budget productions.

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