Overview

• California lawmakers have amended SB 630 to raise film and TV tax rebates to 35% for productions in Los Angeles, aiming to counteract a 30% production decline in the region.
• The proposed legislation would expand tax credit eligibility to include animated films, sitcoms, and large-scale competition shows, broadening the scope of qualifying projects.
• Governor Gavin Newsom's plan includes increasing the annual tax credit budget from $330 million to $750 million to strengthen California's competitiveness against states like Georgia and New York.
• Additional provisions include a 5% bonus for productions in economic opportunity zones and relaxed requirements for soundstage construction incentives to promote economic diversity.
• A state Senate committee is reviewing the proposed changes today, marking a significant step toward modernizing California's Film and Television Tax Credit Program.