Randy Baumberger, President of the Studio Group of Paramount Pictures, says the state’s attempt to give tax incentives to film studios is “incremental” at best and hardly the kind of legislation needed to stop movie productions from fleeing the state.
“Virtually no feature films are shot in LA anymore,” the President of the Studio Group of Paramount Pictures noted on a panel examining keeping jobs in California at the Hollywood Chamber of Commerce’s 2nd Annual State of the Industry Conference.
“What producers needs are commitment and consistency. What producers are looking for is to able plan out 3 or 4 years,” he added.
“They can’t plan for a lottery on one single day. We need to be able to look out a year in advance and say what is the cost structure for that film. California is at a disadvantage by having all of the money gone in a few hours.”
On Nov. 12, LA’s mayor Eric Garcetti said at the Hollywood Chamber of Commerce’s second annual State of the Industry Conference that he is serious about getting state politicians to expand California’s $100 million annual Film/TV Tax Credit program.
“We are going to go to Sacramento and storm that place like you’ve never seen before,” L.A.’s mayor said. “In place since 2009, the current program “should be expanded because it makes good business sense.”.
Garcetti also told the crowd that he wanted to launch a campaign to show people how production in LA benefits all businesses in the city.
His remarks came after various speakers from both the industry and Sacramento criticized the current $100 million annual lottery system program as unstable, unrealistic and providing too little money.
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