California proposes increasing annual film tax credit to $750m

Governor Gavin Newsom has proposed rising the cash obtainable for movie and tv manufacturing incentives in California to $750 million yearly from $330 million, his workplace mentioned on Sunday.

Newsom’s workplace mentioned the tax credit score growth was to lure some misplaced filmmaking manufacturing again into Hollywood’s house state, which has just lately been affected by restricted tax credit score funding and elevated competitors.

California misplaced an estimated $1.6 billion in manufacturing spending as a result of restricted tax credit score funding between 2020 and 2024, Colleen Bell, the Director of the California Film Commission, mentioned.

“California must preserve tempo with competing states and nations in offering aggressive tax incentives,” Bell added.

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