“Hollywood may benefit from the proposed $700 billion bailout of the U.S. financial system, the Los Angeles Times said late on Wednesday.
The plan which was endorsed by the U.S. Senate would provide tax breaks worth more than $470 million over the next decade for movie and TV producers that shoot in the United States, the paper said.
One provision in the bill would provide film and TV producers with the same tax deductions that American manufacturers such as General Motors Corp and Boeing Co receive for making their products at home, according to the paper.
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Additionally, the tax package lifts the budget cap on the existing tax deduction, which was limited to movies that cost less than $15 million to make — in effect excluding most studio films, which cost a lot more, according to the paper.” (Read more from news.yahoo.com)
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