Gov. Gavin Newsom Adds $30 Million to California Film Tax Credit Budget

·2-min read

California Gov. Gavin Newsom has added $30 million in tax credits to the budget of California’s Film Tax Credit Program, allowing the state to give out up to $360 million in tax credits annually to qualifying film, TV and commercial productions that shoot in California.

The added cash comes as part of Newsom’s $100 billion “California Rolls Back” plan, thanks to the state’s $75 billion budget surplus. And in a press conference on Friday, Newsom, who is facing a recall election, mentioned that the new funds were specifically designed to lure productions back from states like Georgia.

“This is an opportunity for those productions, TV and others, in places like Georgia, whose values don’t necessarily always align with the production crews to consider coming back to the state of California,” Newsom said. “And that’s what that $30 million intends to do.”

“Governor Newsom’s announcement to expand the film and TV tax credit program is great news for California,” California Film Commission executive director Colleen Bell said in a statement. “The additional $30 million in funding will be allocated to relocating TV series, which bring long-term, high-wage jobs and significant production spending to our state. To date, our tax credit program has welcomed 23 relocating series from other states and countries. The additional funding will enable us to grow that positive impact.”

The current tax credit program has been in place since 2014, and the most recent round of tax credits were granted to 22 qualifying film projects, including new movies by the Coen Brothers, Steven Soderbergh, Eva Longoria and Jason Bateman. Meanwhile, some TV shows such as “Chad” and “The Flight Attendant” were among 23 programs that have all relocated to the state as a result of the credits.

Read original story Gov. Gavin Newsom Adds $30 Million to California Film Tax Credit Budget At TheWrap

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