1 year ago
California Approves $750M for Film & TV Tax Credits
California is giving more money to help make movies and TV shows in the state.
Lawmakers agreed to give $750 million each year to a program that helps film and TV production companies.
This is happening because other states are offering their own tax breaks, and some movie and TV companies are choosing to film elsewhere.
A new bill is also being made to make it easier for film projects to qualify for the program, including more money and credit percentages to specific regions.
The goal is to keep the film industry strong in California and create more job opportunities.
California lawmakers approved Gov. Newsom's proposal for $750M annually to the Film & TV Tax Credit Program.
A formal vote is expected on Friday to make the funding official.
The Legislature is working on a companion bill to improve the program and make it more accessible.
The legislation comes amid increased runaway production as other states offer more incentives.
The California Film Commission awarded $96M in tax incentives to over 40 films.
- Who
- California lawmakers and Gov. Gavin Newsom.
- What
- California lawmakers approved $750M annually for the Film & TV Tax Credit Program.
- Where
- California
- When
- Formal vote expected Friday; proposal began in October.
- Why
- To compete with other states offering film incentives and combat runaway production.
Film Community View
Not Applicable
Runaway Production Threat
Film Community View
Increased Funding is Crucial to compete with other states.
Not Applicable
Not Applicable
Key facts
- Funding Approved
- $750M annually
- Program
- Film & TV Tax Credit Program
- Legislative Action
- Companion bill to improve accessibility
- Incentive Increase
- 20% to 35% for LA projects
- California Film Commission
- Awarded $96M in tax incentives
