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The legislation introduced Friday proposes to exempt indie productions from business tax credit caps and allow productions to monetize their refunds faster.
The president said an agreement between the countries involved “a partnership with private business” and more than 65 billion barrels of reserves.
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California lawmakers have agreed on a partial carveout for the film and TV industry from a state cap on tax credits. The bill, AB 186, was unveiled on Friday evening.
“Notwithstanding the rise of alternative and green technologies over the past decade, the global economy is still very reliant on oil and gas.