Governor Gavin Newsom of California has put forward a proposal to increase the funds allocated for film and television production incentives in the state.
The plan is to raise the annual budget for these incentives from $330 million to $750 million, according to a statement from Newsom’s office on Sunday.
The decision to expand the tax credits for film and television production comes in response to the loss of production opportunities in California in recent years.
Limited tax credit funding and increased competition have led to an estimated $1.6 billion decrease in production spending between 2020 and 2024, as reported by Colleen Bell, the Director of the California Film Commission.
Bell emphasized the importance of providing aggressive tax incentives to keep California competitive with other states and countries in the film industry. The aim is to attract lost filmmaking projects back to Hollywood’s home state and boost the local economy through increased production activity.
The move to increase funding for film and television production incentives in California is seen as a strategic effort to support the state’s entertainment industry and maintain its prominent position in the global market.
