Sadly in today’s economy the term “cutting your losses” has become prevalent. Just ask most anyone who’s investment strategizing with regards to his or her stock portfolio or dwindling 401K plan.
Indeed the country and pretty much all its states are in budget shortfall, figuring out where to cut and presumably first cutting those areas that are putting a strain on the bottom line. Yet in the short-sighted madness that is the body politic, states sorely in need of capital aren’t always cutting losses but rather programs that are providing capital. It’s like the cutting losses mantra has perversely turned into cutting profits.
Consider production tax credits and filming incentives which are actually bringing in more money than is being spent on them. Yet still states such as Pennsylvania, Wisconsin and New York are reportedly contemplating reducing or not continuing funding for their incentive packages.
An Ernst and Young report forecast that between 2005 and 2010, TV and film productions and related activities in New York are expected to generate about $2.7 billion in state and city tax revenues, compared with an estimated $690 million in state and city credits claimed during the same period.
A movement is underway in New York to preserve and make permanent New York’s incentives program amid concerns it could be sacrificed as the state struggles with how to deal with a $14 billion deficit. Separately New York has a progressive incentives program in place expressly for commercials, which is a key contributor to the health of the economy.
At least California finally has approved filming incentives (see this week’s news story) that apply to qualified features and TV programs. However the Golden State incentives do not apply to commercials, a omission that is penny wise and pound foolish, according to Matt Miller, president/CEO of the Association of Independent Commercial Producers (AICP).
Miller contended that Gov. Schwarzenegger and the legislators “screwed us, not taking into account the work of the coalition [a broad-based entertainment group that educated government about the issues involved] and instead opting for language floated by other entities into the budget. They circumvented the good work of the coalition and that doesn’t ultimately help anybody.”
The ultimate losers in all of this, continued Miller, are the people of California. “Commercials are an extremely important part of the industry. I’d like to remind the ‘Governator’ that when the Writers Guild decided to pull a bonehead move with their actor brethren doing the same thing, television and feature work dried up. The only thing in the filming economic engine keeping Hollywood alive has been commercials.”
Even at that, commercials have been down in California, migrating to other states which have incentives in place that cover spots. This decline is reflected in FilmL.A. permit statistics with on-location spot production down 11 percent in 2008 as compared to ’07 (SHOOT, 1/16).
Miller affirmed that an effective incentives program very much needs “to take into account the everyday production like commercials that is so vital to the economy.”
Angelina Jolie and Brad Pitt Reach Divorce Settlement After 8 Years
Angelina Jolie and Brad Pitt have reached a divorce settlement, ending one of the longest and most contentious divorces in Hollywood history but not every legal issue between the two.
Jolie and Pitt signed off on a default declaration filed in Los Angeles Superior Court on Monday, saying they have entered into a written agreement on their marital and property rights. The settlement was first reported by People magazine.
"More than eight years ago, Angelina filed for divorce from Mr. Pitt," Jolie's attorney, James Simon, said in a statement. "She and the children left all of the properties they had shared with Mr. Pitt, and since that time she has focused on finding peace and healing for their family. This is just one part of a long ongoing process that started eight years ago. Frankly, Angelina is exhausted, but she is relieved this one part is over."
The filing says they give up the right to any future spousal financial support, but gives no other details. A judge will need to sign off on the agreement. An email late Monday night to Pitt's attorney seeking comment was not immediately answered.
Jolie, 49, and Pitt, 61, were among Hollywood's most prominent pairings for 12 years, two of them as a married couple. The Oscar winners have six children together.
Jolie filed for divorce in 2016, after a private jet flight from Europe during which she said Pitt physically abused her and their children. The FBI and child services officials investigated Pitt's actions on the flight. Two months later, the FBI released a statement saying it would not investigate further, and the U.S. attorney did not bring charges.
A heavily redacted FBI report obtained by The Associated Press in 2022 said that an agent provided a probable cause... Read More