2 days ago
California Post-Production Tax Credit Bill Reaches Governor Newsom’s Desk
California lawmakers passed a bill to help companies that finish movies and television shows.
This work includes visual effects, music scoring, and sound mixing.
The bill is now waiting for Governor Gavin Newsom.
The program could provide about $35 million in its first year.
Earlier discussions mentioned as much as $100 million.
However, the state has not set aside money for the program yet.
Supporters say the incentive could help California’s struggling film and television industry.
Another bill was introduced to address studio concerns about other tax-credit rules.
The California State Senate passed SB 2319, sending it to Governor Gavin Newsom.
The bill would create a separate tax incentive for post-production work, including visual effects, scoring, and mixing.
Projected first-year incentives have been reduced from an earlier $100 million estimate to about $35 million.
No funding currently exists for the proposed credit in California’s state budget.
Lawmakers also introduced AB 136 to address studio concerns about corporate tax-credit restrictions and the planned $750 million Film and TV Tax Credit pool.
- Who
- The California State Senate passed SB 2319, which now awaits Governor Gavin Newsom’s decision.
- What
- SB 2319 would establish a separate California tax incentive for post-production work.
- Where
- California.
- When
- The Senate passed the bill shortly before the legislative session’s deadline; AB 136 was introduced Friday evening.
- Why
- Supporters say the incentive is needed to support the contracting Los Angeles film and television industry and help reverse job losses.
Key facts
- Bill
- SB 2319
- Proposed incentive
- A separate tax credit for post-production work, including visual effects, scoring, and mixing
- Projected first-year allocation
- Approximately $35 million
- Earlier estimate
- Up to $100 million
- Current funding
- No funding is currently in place for the proposed credit
- Governor
- Gavin Newsom
- Related legislation
- AB 136 would address studio concerns about recently enacted corporate tax-credit restrictions
- Film and TV tax-credit pool
- Lawmakers are seeking to expand it to $750 million
Sources
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