California to Boost Film Tax Credits to $750 Million Annually

Governor Gavin Newsom proposes expanding the state's film tax credit program to retain Hollywood productions amid rising competition.

Governor Newsom's proposal aims to more than double the current tax credit from $330 million to $750 million annually.
The initiative seeks to counteract the decline in film and TV production in California due to more attractive incentives offered by other states and countries.
Los Angeles Mayor Karen Bass supports the plan, emphasizing its potential to create thousands of jobs and revitalize the local economy.
The proposal comes as the industry struggles to recover from the COVID pandemic and labor strikes, with production levels still below pre-strike norms.
Newsom's plan includes making tax credits refundable, a move intended to make California the most competitive state for capped film incentives.