[PBzeer]

Seems not all the rich need tax hikes:

A tax break for movie and television producers who agree to film their shows in the United States – a part of the $700 billion economic stabilization package signed into law by President Bush on Oct. 3 – will cost taxpayers $470 million over the next 10 years, according to an Oct. 1 report published by the Joint Committee on Taxation.

The tax cut, designed to entice Hollywood and TV producers to shoot their films domestically, will cost taxpayers $358 million in 2009 and $470 million by 2018, the report states.

Described in the financial bailout bill as an “expansion and extension” of a nearly identical provision in a 2004 law, the revision now allows producers to write off $15 million in production costs on any movie they produce and slashes a restriction in the 2004 law that excluded films with budgets of over $15 million.

The current legislation would also allow filmmakers filming in the United States to qualify for a tax deduction, capping the top tax rate at 32 percent instead of 35 percent.

Thank god Hollywood won't be affected by Obama tax hikes. I shudder to think about how dreadful it would be if their parade of sewage got slowed down.