Gene Maddaus Senior Media WriterThat escalated quickly.In May, Gov. Gavin Newsom announced an extra $30 million for the state’s film and TV tax credit program.
Not to be outdone, the Legislature offered $180 million over two years.Now the two sides have reached a compromise: $330 million.That includes the $180 million, plus a brand-new $150 million tax incentive to spur construction of new soundstages in the state.“I’m very excited,” said Sen.
Anthony Portantino, who represents Glendale and Burbank, and who pushed for the construction incentive. “If we build more capacity, that leads to more productions and more jobs.”The new money is on top of the $330 million in tax credits the state already provides to Hollywood each year.
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