Obama says he will not give Tax Break to big business wow so Obama thinks hollywood is small business.
WASHINGTON - Finally, Democrats have found a tax-cut they can support - one that puts even more money in the pockets of Barbara Streisand, Michael Moore and the rest of their pals in Tinseltown.
Big Hollywood opened its hearts - and fat wallets - to get President Obama into the White House and give Democrats both chambers of Congress and now it's time to return the love.
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.
Backed by Walt Disney and the Motion Picture Association of America, the provision amounts to an estimated $246 million Hollywood tax break over 11 years.
It's the least Democrats can do for some of their richest and most generous supporters, who gave nearly $20 million in campaign contributions to Democrats during the 2008 election cycle, according to OpenSecrets.org.
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.
Republicans on Capitol Hill noted that Hollywood seems like an odd choice of bailout since it appears to be the one sector of the economy unaffected by the current meltdown.
Last month alone, the industry raked in a record $1 billion in box office receipts, according to industry watchers.
http://www.nypost.com/seven/02032009/news/nationalnews/stimulus_bill_to_help_hollywood_153378.htm
WASHINGTON - Finally, Democrats have found a tax-cut they can support - one that puts even more money in the pockets of Barbara Streisand, Michael Moore and the rest of their pals in Tinseltown.
Big Hollywood opened its hearts - and fat wallets - to get President Obama into the White House and give Democrats both chambers of Congress and now it's time to return the love.
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.
Backed by Walt Disney and the Motion Picture Association of America, the provision amounts to an estimated $246 million Hollywood tax break over 11 years.
It's the least Democrats can do for some of their richest and most generous supporters, who gave nearly $20 million in campaign contributions to Democrats during the 2008 election cycle, according to OpenSecrets.org.
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.
Republicans on Capitol Hill noted that Hollywood seems like an odd choice of bailout since it appears to be the one sector of the economy unaffected by the current meltdown.
Last month alone, the industry raked in a record $1 billion in box office receipts, according to industry watchers.
http://www.nypost.com/seven/02032009/news/nationalnews/stimulus_bill_to_help_hollywood_153378.htm