Take Two for January 3, 2013

Fiscal cliff deal extends big tax breaks for Hollywood

US-ENTERTAINMENT-HOLLYWOOD-SIGN-MAKEOVER

ROBYN BECK/AFP/Getty Images

The freshly painted Hollywood sign is seen after a press conference to announce the completion of the famous landmark's major makeover on December 4, 2012 in Hollywood, California.

Many of Hollywood's elite will be paying more in personal income tax under the new rules that were part of the fiscal cliff legislation. But the corporations that rule Hollywood came out as winners. The bill retained some pretty sweet tax breaks targeted specifically at entertainment companies.

For more on this, we go to Ted Johnson, political and legal editor at Variety.  


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