California Governor Newsom proposes to increase film and TV tax credits to $750M annually to attract production and counter $1.6B loss.

California Governor Gavin Newsom has proposed increasing the state's film and television tax credits from $330 million to $750 million annually. This expansion aims to attract more production to California and counter the estimated $1.6 billion loss in production spending from 2020 to 2024. The proposal, supported by Hollywood stakeholders, requires legislative approval and seeks to position California competitively against other states with lucrative tax incentives.

October 27, 2024
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