Gavin Newsom to Propose Doubling California Film Tax Incentives to $750 Million

Oct 27, 2024, 03:26 PM

Governor Gavin Newsom is set to announce a proposal to bolster the struggling TV and film industry in California. Responding to pleas from the industry, which has faced labor unrest and disruption, Newsom plans to more than double the size of the state's film tax incentive program. The proposal aims to increase the annual cap from $330 million to $750 million, including a $420 million raise in tax credits. This move is intended to retain film jobs in California, as other states like Georgia and New York have been attracting projects with their own incentives. The announcement is expected on Sunday, with Mayor Bass also involved in the major proposal.