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Published on Sunday, October 12, 2008
By LA Daily News Staff Writer
The $700 billion bailout plan passed this month gives Hollywood $478 million in tax breaks, which entertainment industry leaders hope will help stem the tide of runaway production.
But experts also say these long-awaited tax breaks need to be combined with state and local incentives in order to actually lure productions back to the Golden State and, particularly, Los Angeles.
"Policymakers just can't take it for granted and assume that everyone wants to be in Los Angeles," said Eduardo Martinez, an economist with the Los Angeles County Economic Development Corp. "The recent move of 'Ugly Betty' is a good example of that."
The hit ABC-TV show moved filming this season from Los Angeles to New York, taking advantage of the 35 percent tax credit extended to production companies.
Los Angeles and California offer some tax incentives, but they are nowhere near the levels offered by New York and other locales
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