Gavin Newsom Proposes Doubling California's Film Tax Incentives to $750 Million, Including $420 Million Raise

Oct 27, 2024, 05:31 PM

Governor Gavin Newsom announced a significant proposal on Sunday to bolster California's struggling film and TV industry. The plan aims to more than double the state's film tax incentive program from $330 million to $750 million annually. This initiative, which will provide up to $3.75 billion in tax credits over five years starting in 2025, includes a $420 million raise and is designed to counteract the production drop and keep film jobs local amid competition from states like Georgia and New York. Newsom's proposal, announced alongside Los Angeles Mayor Karen Bass, seeks to rejuvenate Hollywood by offering substantial financial incentives to producers who choose to shoot in California.