Kevin Spacey stars as Frank Underwood in the Netflix show "House Of Cards."
Happy Friday! Welcome to KPCC's business blog, The Breakdown. Every weekday, I will compile a list of interesting business stories.
Earlier this week, state legislators introduced a bill that would allow a new one-hour TV series, regardless of where or how it's distributed, to apply for the California Film and Television Tax Credit Program. If it gets approved, new one-hour TV series on Netflix would qualify.
There's also talk about increasing the amount of tax credits the state gives out each year.
House of Cards is weighing its options. According to the Washington Post, House of Cards threatened to leave Maryland if the state doesn't provide millions more dollars in tax credits. The show has brought nearly 6,000 jobs to Maryland and has shot Season 1 and 2 there, according to the Post.
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Shoppers lineup as they wait for the grand opening of a Trader Joe's on October 18, 2013 in Pinecrest, Florida. Trader Joe's told the LA Weekly that a store in Downtown L.A. is not in its two-year plan.
Welcome to The Breakdown, KPCC's business blog! On weekdays, I'll compile a list of interesting business stories that impact Southern California.
Since the Los Angeles Times' corporate parent, Tribune Co., announced it would spin off its newspapers into a separate business, there's been a lot of concern about the impact this would have on the iconic Southern California newspaper. Rep. Henry Waxman (D-CA) is among those who raised questions about the plan. His major concerns: Tribune newspapers, including the L.A. Times would need to pay Tribune rent on the building the staffs already use. The newspapers would also pay Tribune a dividend through debt financing.
At the time of the announcement, Tribune did not indicate how much the dividend would be. The Chicago Tribune (which is a Tribune newspaper) ventures the dividend would be worth $325 million, based on a document the paper obtained. The Chicago Tribune says the spin-off is expected to happen mid-year.
Photo by Roger Jones via Flickr Creative Commons
California state legislators have introduced a new bill that would expand the types of films and TV productions that qualify for the state's $100 million tax credit program.
If approved, the bill would allow big-budget feature films to apply for the financial incentives and extend the program for another five years. Currently, feature films with a maximum of a $75 million production budget can qualify for the program.
The bill also proposes that TV pilots and new one-hour TV series -- regardless of where or how they're distributed, even if it's on Netflix, can apply for the tax credits. The legislation also asks for a 25 percent credit given in the first year for film and TV production that relocates to the Golden State.
The bill comes as movie industry and government officials express concern about TV and film production jobs moving to other states. Its supporters say the state's tax credit program is too limited. The state's program offers up to $100 million in tax credits each year and the bill's supporters say that can't compete with states like New York, which gives roughly four times the amount. However, the size of the proposed budgetary increase to the state's current program was not stated in the bill.
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A customer shops for milk at a Safeway in Livermore, Calif. Bloomberg is reporting that Safeway is considering selling its business.
Good afternoon! Every day, KPCC compiles this awesome list of interesting business stories.
State legislators introduced a new bill that will expand the types of films and TV shows that qualify for the California Film and Television tax program. Read KPCC's rundown of the bill.
FCC Plans to Issue New 'Net Neutrality' Rules. The Wall Street Journal reports that the Federal Communications Commission will issue new guidelines that would make it harder for Internet Service Providers to charge streaming video services like Netflix.
Safeway is in discussions on a possible sale, Bloomberg reports. Safeway is the nation's second largest grocery chain.
Uber’s new “expanded” background checks: Just a PR move or the real deal? Uber said will have its American drivers go through federal and county background check, as well as through a multi-state criminal database. But The Pando Daily says that's not as stringent or thorough as what cab drivers in most California cities must undergo.
Work continues after the world record 18-hour concrete pour finishes on Sunday, Feb. 16 at the site of the future Wilshire Grand tower.
The number of jobs in Los Angeles County next year will reach levels not seen since before the Great Recession began, according to a new economic forecast from the Los Angeles County Economic Development Corporation.
The LAEDC said non-farm jobs will increase 1.6 percent this year, totaling more than 4 million by 2015. The last time that level was reached was in 2008.
"We're seeing the job gains chip away at the job losses that we experienced during the Great Recession," said LAEDC Chief Economist Robert Kleinhenz. "There's a lot of good to expect in the year to come."
Kleinhenz said job growth in L.A. County is happening in sectors including leisure and hospitality; professional, scientific and technical services; healthcare and social assistance; and construction. Those areas represented more than 73 percent of the job growth last year, the LAEDC said.