California Lawmakers Unveil Plans To “Modernize” Film & TV Tax Incentive Program Via Expanding Eligible Projects, Upping Credit To 35% In LA

deadline.com:

UPDATED, MARCH 26: California lawmakers have unveiled their plans to revitalize the state’s film and television production industry via two bills, initially introduced in February, aimed at working in tandem with Governor Gavin Newsom‘s proposal to expand the Film and Television Tax Credit Program.

The bills would expand the definition of a qualified motion picture, allowing additional projects to apply for the program, including series with episodes averaging 20 minutes or more, animation films, series, and shorts, and large-scale competition shows.

Additionally, the bills propose increasing the available credit amount for an individual project from 20% to 35% for amounts paid or incurred in Los Angeles, also giving the California Film Commission leeway to allow for additional credit percentages by 5% in other areas of economic opportunity.

Click to access SB-630.pdf The California Senate is holding a joint hearing of the Revenue and Taxation and Budget and Fiscal Review Subcommittees to consider the proposals on Wednesday morning. PREVIOUS, FEBRUARY 26: The California Legislature has acknowledged that money alone might not be enough to entice production back to the state, introducing a pair of bills Wednesday aimed at bolstering Gov.