California Recall Could Threaten Hollywood’s Prized Tax Credits
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variety.comGene Maddaus Senior Media WriterIf Gov. Gavin Newsom is recalled next week, the entertainment industry will lose a valuable ally in Sacramento.The industry’s top concern at the Capitol is the film and TV tax credit, which provides a 20-25% discount on eligible production spending in the state.
In July, Newsom signed a two-year expansion of the program, bringing it to $420 million a year, and indicated he would support making that increase permanent.With the exception of former San Diego Mayor Kevin Faulconer, the leading Republican candidates to replace Newsom all oppose the film incentive.Radio host Larry Elder, who has led in the replacement polls since entering the race in July, has long been against giving tax credits to Hollywood.
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