Hollywood could be looking at a sizable new hand out.
A bill that was unveiled in the California state legislature Sunday night would boost the Golden State’s film and television tax credits program by $330 million, should Governor Gavin Newsom sign it. The bill’s sponsors include Senator Anthony Portantino and assembly members Wendy Carrillo and Autumn Burke.
According to the proposed legislation, $150 million of the total $330 million would be earmarked for new soundstage construction in the state. Production space is currently limited and additional facilities would allow for more projects to film in California. Lawmakers would also require productions that receive the soundstage credit to submit a diversity plan.
The bill would boost the tax credits program far more than initially expected. In May, Governor Newsom, who is facing a recall, pledged to add $30 million to the state’s film incentives in the wake of California’s $75 billion budget surplus. Then a month later, California lawmakers proposed a $180 million injection into program.
“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,” said the governor at the time, alluding to the Peach State’s controversial voter law.
The substantial new funds would add to the tax incentive program’s $330 million-a-year pot. Should the bill pass, the film commission could start distributing the funds next year. The film office holds various allocation periods throughout the year for both television and feature projects that meet certain budget thresholds, with projects applying for tax credits proportional to their in-state spending.
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July 13, 2021 at 10:50AM
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California On Track to Increase Film and TV Tax Credits By $330 Million - Hollywood Reporter
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