10-24-2008
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Wandering Aimlessly
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Join Date: Nov 2002
Location: Cruising
Posts: 13,445
Rep Power: 12
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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.
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Music on the Wind -
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