BRIEFCASE.Byline: - Staff and Wire Services Council favors filming credit In an effort to stop runaway film production, the Los Angeles City Council  The Los Angeles City Council is the governing body of the City of Los Angeles, California, United States. unanimously agreed Tuesday to support legislation that would provide tax incentives to studios that film in California. The council unanimously voted to support Assembly Bill 777, which, if at least 75 percent of a production is filmed in California, calls for a 12 percent refundable credit Refundable Credit A tax credit that is not limited by the amount of an individual's tax liability. Typically a tax credit only reduces an individual's tax liability to zero. Refundable credits go beyond this and so really can be considered the same as a payment. against income tax or sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. . Assembly Speaker Fabian Nunez, D-Los Angeles, introduced the bill last year. The film industry generates about $35 billion annually for the state's economy, and an estimated 80 percent of that is kept in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . Additionally, the entertainment industry employs more than 200,000 people countywide. 3M may spin off pharmaceuticals MINNEAPOLIS - 3M Co., whose products range from adhesives to medications, is considering selling its branded pharmaceuticals unit, officials said Tuesday. Company shares rose 1.5 percent on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The unit develops, makes and markets branded drug products related to dermatology, women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. , cardiology and respiratory medicine for the company based in Maplewood, Minn. The brands include Aldara, Difflam, Duromine, Tambocor, Maxair, Metrogel-Vaginal and Minitran. The unit employs 1,500 workers worldwide. Merck increases profit guidance WHITEHOUSE STATION, N.J. - Drug maker Merck & Co. said Tuesday it anticipates posting a higher profit in the first quarter than originally expected because of strong sales of its cholesterol drug, Zocor. Merck said it now expects to report earnings of 61 to 67 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , at least 15 percent higher than its forecast of 52 to 58 cents per share announced in January. Zocor is Merck's top-selling medicine and the second-most popular cholesterol drug in the country. Merck will lose its exclusive patent on the drug in June. Analysts have said they expected insurers to push patients from competing drugs to Zocor in the short term and then to lower-cost generic versions. Merck's anticipated earnings include charges related to its global restructuring and job cuts announced in November. Wal-Mart pledges stores to areas Wal-Mart Stores Inc., often accused by critics of harming local businesses, announced Tuesday it plans to build more than 50 stores in struggling urban neighborhoods over the next two years to create jobs and help small establishments. Chief Executive Lee Scott
H. Lee Scott, Jr. is the current president and chief executive officer of Wal-Mart Stores, Inc. said Tuesday the new stores would generate 15,000 to 25,000 jobs and be located in neighborhoods with high crime or unemployment rates or in need of environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. or in vacant buildings or malls in need of revitalization. Ten of those stores will anchor what Scott calls ``Wal-Mart Jobs and Opportunity Zones'' where minority- and women-run enterprises and other local businesses will get help with advertising, grants to chambers of commerce and advice on doing business near Wal-Mart and with Wal-Mart. The move is part of what Wal-Mart calls an effort to be a better community partner. |
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