Gov. Brown Signs California's Blockbuster TV, Film Tax Credits Into Law

Gov. Jerry Brown (D-CA) signed California's new TV and film tax credit program into law in a ceremony in front of Hollywood's Chinese Theatre. The showy setting -- frequently the site of premieres for blockbuster movies -- seemed appropriate for approving the measure, which greatly enlarges and deepens the state's commitment to keeping one of its signature industries, which has been gutted in recent years. It provides $1.65 billion in incentives over the next five years, with $330 million going to producers annually, more than tripling the current level. It will allow many more projects to qualify for the subsidies, including big-budget features and TV pilots, and phase out the hugely over-subscribed lottery currently used to select applicants.