Overview

• New York's newly signed budget increases its annual film and TV production subsidy from $700 million to $800 million, including $100 million earmarked for independent films.
• The updated New York program removes the $500,000 cap on above-the-line costs eligible for rebates and accelerates credit recovery timelines to attract productions.
• California legislators, in collaboration with Governor Gavin Newsom, are finalizing plans to nearly double the state's annual film tax credit cap from $330 million to $750 million.
• Los Angeles television production has declined by 58% since 2021, with stakeholders warning of severe unemployment and production flight to other states and countries.
• Despite these expansions, experts caution that California's proposed changes may not yield significant job recovery or production growth until 2026 or later.