Newsom proposes at least $1 billion a year in California film and TV tax credits

Newsom proposes at least $1 billion a year in California film and TV tax credits

Newsom proposes at least $1 billion a year in California film and TV tax credits

California Governor Gavin Newsom has proposed expanding the state's film and television tax credit program from $750 million to at least $1 billion a year, and extending it through 2040. The plan would add tax credits for above-the-line pay for actors, directors, writers and producers, set aside $100 million a year for independent productions, and reward companies that commit to more than one production in the state. The goal is to keep productions and jobs in Hollywood as other states and countries offer rival incentives, but the proposal still needs approval from the state legislature.

California Governor Gavin Newsom has proposed expanding the state's film and television tax credit program from $750 million to at least $1 billion a year, and extending it through 2040. The plan would add tax credits for above-the-line pay for actors, directors, writers and producers, set aside $100 million a year for independent productions, and reward companies that commit to more than one production in the state. The goal is to keep productions and jobs in Hollywood as other states and countries offer rival incentives, but the proposal still needs approval from the state legislature.

California Governor Gavin Newsom has proposed expanding the state's film and television tax credit program from $750 million to at least $1 billion a year, and extending it through 2040. The plan would add tax credits for above-the-line pay for actors, directors, writers and producers, set aside $100 million a year for independent productions, and reward companies that commit to more than one production in the state. The goal is to keep productions and jobs in Hollywood as other states and countries offer rival incentives, but the proposal still needs approval from the state legislature.