""It's really hard to shoot a tv show in LA. And it's really expensive. Prohibitively so," he said. "Unless you adopt an economic model which takes full advantage of the California tax incentive, and in our case asks personnel to accept reductions in rates in the hopes that the speculation will pay off.""
""A commitment to 30 pictures doesn't mean anything unless they're done here," Loeb said, urging lawmakers to consider a federal tax credit to keep production in the U.S."
""Unprecedented consolidation often precedes unprecedented job loss," Schiff stated, highlighting the potential negative impact of the proposed merger on employment in the industry."
Hollywood professionals, including Noah Wyle, testified about challenges facing the entertainment industry, such as production moving overseas and mergers. Wyle emphasized the need for economic models that leverage California tax incentives to make filming in L.A. feasible. He noted that The Pitt generated $125 million for California's economy by utilizing these incentives. IATSE chief Matthew Loeb called for federal tax credits to retain production in the U.S. amid consolidation, warning that mergers could lead to job losses, as evidenced by CBS News Radio's closure after over a century.
Read at Vulture
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