California lawmakers are considering introducing two pieces of legislation aimed at revising the state’s film and television tax incentive scheme, with the goal of enticing production companies to return to California.
At a press conference held on Wednesday afternoon at the LA head office of the Screen Actors Guild – American Federation of Television and Radio Artists, state legislators stated that discussions regarding the specifics of the bills are ongoing among interested parties.
In essence, the plan is to update the parts of the program so that California’s film and television tax credit scheme can compete effectively with those in other states. This was expressed by Assemblymember Rick Chavez Zbur at the press conference.
The main points being debated involve elevating the program’s overall rate and extending eligibility for film and television tax credits to a wider range of productions, particularly those that are moving out of the state and offer top-tier employment opportunities, as mentioned by Zbur. Another crucial aspect is making sure that underrepresented groups, including ex-offenders, have access to more avenues for securing production jobs.
Assemblymember Isaac Bryan, a co-sponsor of one of the bills, stated that this industry is fundamental to California’s history. It significantly contributes economically to the state and also enhances the state’s unique cultural expression and narrative-telling abilities, unmatched by any other location globally.
4 months ago, Governor Gavin Newsom presented a plan to significantly boost the yearly funding of California’s film tax credit program. At present, the program receives $330 million; however, Newsom’s proposal aims to raise this amount to an impressive $750 million. If approved, California would lead all other states in capped film incentive programs.
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2025-02-27 04:01