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4w ago

California Doubles Film and TV Tax Credit Budget to $750 Million

The extra funding is paired with a scheduled vote next week to raise per-production credit rates to as much as 40 percent.

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Le panneau "Hollywood", à Los Angeles, le 8 décembre 2023
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Overview

  • The California Legislature has increased its annual film and television tax credit budget from $330 million to $750 million to counteract production losses.
  • A second bill awaiting a vote next week would boost credit rates to 35 percent for Greater Los Angeles projects and 40 percent elsewhere, up from 20–25 percent.
  • Film and television jobs in California fell by 29 percent between 2022 and 2024, while shooting days in Los Angeles reached their lowest level last year outside the 2020 shutdown.
  • Rebecca Rhine, president of the Coalition of Entertainment Unions, said the budget boost is vital to bring people back to work and revive state production.
  • In May, President Trump signaled plans to impose tariffs on foreign films, prompting Governor Newsom to propose a $7.5 billion federal tax credit plan to support domestic production.