California Lawmakers Seek Big Boost To Film & TV Tax Credits

[Y2kTheNewOldies]

California lawmakers are seeking a big boost to the state’s film and TV tax credit program, a $180 million hike that would bring the Golden State more in parity with New York.

The state Senate Budget Committee adopted a proposal last week that would provide $90 million per year for 2021-22 and 2022-23. That is a far figure than Gov. Gavin Newsom’s proposal to increase the tax incentives by $30 million in the next fiscal year.

If the $90 million expansion ends up in the budget, it will be added to the $330 million annual outlay in the current program, which is administered by the California Film Commission. The would set the program at $420 million. That is the same level that the state of New York sets for its program, which has been highly successful in luring production to the state.

California Lawmakers Seek Big Boost To Film & TV Tax Credits

California lawmakers are seeking a big boost to the state’s film and TV tax credit program, a $180 million hike that would bring the Golden State more in parity with New York. The state Senate Budget Committee adopted a proposal last week that would provide $90 million per year for 2021-22 and...

deadline.com

Parts of this is to offset the number of film and tv production jobs that have moved to other states or countries such as Canada as part of California's economic recovery.