Before a film industry boon goes bust in the Chicago area,Illinois lawmakers are debating whether to extend additional taxincentives to filmmakers being lured to other states that offer evenbetter breaks.
Legislation that passed the Senate 58-0 Friday would extend thefilm tax credit until January 2009 and provide greater tax incentivesto production companies that employ residents from high-povertyareas.
The current film tax credit, set to expire next January without anextension, allows film companies to deduct 25 percent of their totallabor costs for each employee who is an Illinois resident.
Under the proposal now in the House, the law would be tweaked …
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