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Expansions of movie tax break advance

Post by Jordan Schrader / The News Tribune on Feb. 10, 2011 at 1:44 pm with No Comments »
February 10, 2011 1:44 pm

House and Senate committees today unanimously approved renewing the tax credit for movie and TV production in Washington.

What’s more, both panels agreed to enlarge the $3.5-million-per-year credit, though not by as much as had originally been proposed by the committees’ chairwomen, Seattle Democrats Jeanne Kohl-Welles and Phyllis Gutierrez Kenney.

The House bill would phase in an expansion of the credit to $5.5 million a year, starting with $4 million this year. The Senate bill would go farther, increasing the credit right away to $5 million and phasing in an expansion to $8 million.

“We want TV shows. We want movies. We want commercials,” said Rep. Ed Orcutt, House Republicans’ top taxman. “To me this is about jobs in Washington.”

The bills now go to the Ways and Means committees.

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