files/pictures/picture-35.jpgThe State Assembly of California has voted to extend the film and television tax credit for an additional five years, writes The Hollywood Reporter
. The bill received a 72-1 vote and will now move to the California Senate, which will vote on the bill this summer. The measure adds $500 million to the existing fund that expires in 2013-14.
Launched in 2009, the credit gives 20-25% back to productions for qualified expenses. The California Film Commission says the credit has created 31,000 jobs and brought $2.2 billion in spending to the state. Last year, 43 received the entire $100 million yearly budget on the first day it was available. Productions that missed out were put on a waiting list. The next $100 million of funding will be available on July 1.