Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
SAVE THE MOVIE STARS!
August 24, 2005
How bad have state taxes gotten in California? This bad:
California Film Commission Report Backs Tax Credit for Movie Industry
The California Film Commission has released a 25-page study, What Is the Cost of Run-Away Production? Jobs, Wages, Economic Output and State Tax Revenue at Risk When Motion Picture Productions Leave California, in support of proposed legislation to provide a California tax credit of 12% on wages and other production costs for movies and TV shows
California's top individual rate is 10.3%, and a 1% additional "millionaire surtax" is in the works. The 10.3% rate with no deduction for federal taxes would be roughly equivalent to a 13.5% rate in a state where federal taxes are deductible (e.g., Iowa).
To survive, well-connected businesses carve loopholes. This puts more upward pressure on rates, creating more incentive to carve out loopholes.
(Via the TaxProf Blog)
Bookmark: del.icio.us • Digg • reddit
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
