Little Bailout Boost
If and when the proposed $700-billion bailout is approved by the House tomorrow, Hollywood will receive "tax breaks worth more than $470 million over the next decade for movie and TV producers that shoot in the U.S.," L.A. Times reporter Richard Verrier wrote last night.
"That's not a lot of money, given that the average studio movie costs $106.6 million to make and market, but it could keep some low-budget productions -- and jobs -- from going offshore.
"Hollywood has long sought measures to curb so-called runaway production, which it blames for causing thousands of job losses in Southern California as filmmakers have fled to Canada and other foreign countries that offer cost savings through tax breaks and other incentives.
"Specifically, the legislation would allow filmmakers who shoot in the U.S. to qualify for a tax deduction granted in 2004 to domestic manufacturers that capped the top tax rate at 32% instead of 35%. Additionally, the tax package lifts the budget cap on the existing tax deduction, which was limited to movies that cost less than $15 million to make -- in effect excluding most studio films, which cost a lot more."
Posted by Jeffrey Wells on October 2, 2008 at 1:19 PM
comment #1
Ryansi51
says ...
I got my Orville Redenbacher's all ready for tonight's 6pm shit show. After not being able to come up with one, not ONE, magazine that she reads to stay current, how the F is Sarah Palin gonna debate on anything other than Wasilla zoning regulations.
Giddy up.
Posted by Ryansi51
at October 2, 2008 1:36 PM
comment #2
The Lord of Misrule
says ...
I would dearly love to be wrong, but...
I feel that those waiting to see the "Crash and Burn" show will be disaappointed.
Remember that she has been all but sequestered away, doubtless being prepped and re-prepped for this night.
Therefore, the chances for some major screw-up will either not happen or be "deflected" towards her apponent.
And that's not even counting the "electronic" help she may be getting.
We'll see.
Posted by The Lord of Misrule
at October 2, 2008 1:59 PM
comment #3
nelson37
says ...
Tax breaks for greedy Hollywood corporations? Obama voted for this "bailout"? Say it ain't so.
Posted by nelson37
at October 2, 2008 2:14 PM
comment #4
MathewM
says ...
The question is will studios pocket the money and or feed it to the greedy actors instead of shooting in the U.S? I'm all for using tax breaks to keep jobs here in the U.S. but I wouldn't put it past the studios to try to keep the money to themselves.
Posted by MathewM
at October 2, 2008 3:02 PM
comment #5
Jean
says ...
LORD: I was thinking the same thing: I'll bet Palin will also be wired like Bush was the last election. Will she wear her hair down to hide the ear piece better?
Posted by Jean
at October 2, 2008 3:55 PM