Newsom To The Rescue: Governor Supersizes California’s Film & TV Tax Credits To Get Hollywood Back To Work
deadline.comEXCLUSIVE: A decade after the last major overhaul of California’s film and TV tax credits program, Gov. Gavin Newsom today will unveil a massive increase in the incentives to jump start work and production in the home of Hollywood.
In an announcement this afternoon at Raleigh Studios, the Governor will reveal that he aims to boost the state’s tax credits from their present level of $330 million a year to around $750 million annually, I’ve learned The whooping increase will not take place immediately, and is subject to approval by the Democratic majority legislature in the Golden State’s 2025-2026 budget.
However, in this election year of close down ticket races, Sunday’s announcement is intended to swell confidence locally for an industry and a workforce that has seen production in L.A.
and across the state dramatically shrink and jobs dry up over the last year or so, sources say. To that end, Gov. Newsom will be joined at today’s press conference by L.A.
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