Posted by Tina
02-04 UPDATE: ** Washington-The motion picture industry’s record-setting month at the box office may have cost it $246 million in tax breaks, as the Senate on Tuesday stripped a provision from the economic stimulus bill that critics derided as an unnecessary Hollywood bailout. In denying the tax breaks on new film projects, senators cited the $1.03-billion haul from movie ticket sales in January, a 19% year-over-year increase, according to industry tracking firm Media by Numbers. – LA Times **
** WASHINGTON – Finally, Democrats have found a tax-cut they can support… A provision in the current “stimulus” bill would allow Hollywood moguls to write off half the production and filming costs of big-budget films and TV shows. *** Currently, only the first $15 million of production costs can be written off – a rule aimed at keeping low-budget film-makers in the U.S. *** Last month alone, the industry raked in a record $1 billion in box office receipts, according to industry watchers. New York Post **