endorsed legislation on Wednesday that will extend California’s film and television tax credit program through 2030.
If passed, the bill, SB 485, will provide $1.65 billion or $330 million annually in financial support for film and television makers and other content creators. It extends the program, which was financed until 2025, for an additional five years. In 2021, Newsom signed a temporary increase of $180 million over two years for the program, which temporarily increased the annual amount to $420 million. The governor signed a separate $150 million incentive last year for soundstage construction.
The extension also comes as Newsom is attempting to lure more business to California and away from states such as Texas or Florida that have imposed new restrictions on abortion in the wake of the Supreme Court’s decision last June to overturn Roe v. Wade. “As other states roll back peoples’ rights, California will continue protecting fundamental freedoms for all and welcome businesses that stand up for their employees,” said Newsom in a statement. “Extending this program will help ensure California’s world-renowned entertainment industry continues to drive economic growth with good jobs and a diverse, inclusive workforce.”
Newsom is taking his message directly to the Hollywood community, which has decamped for states like Georgia with abortion restrictions because of their lucrative film and television tax credits. Entertainment companies such as Disney and Netflix still plan to shoot shows in Georgia, but havethat was paid for by Newsom’s campaign fund, the governor calls out states like Georgia and Oklahoma for their efforts to “…strip reproductive freedom.
Source: Entertainment Trends (entertainmenttrends.net)
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