Boosters Warn California’s Film & TV Tax Credit Put At Risk By Proposed Statewide Ballot Initiative; Measure’s Backers Say “Scare Tactics” At Play
deadline.comBoosters of California‘s film and TV tax credit say that the program would be at risk if a proposed initiative makes it to the ballot and passes in November — albeit that prospect is being challenged by the measure’s backers.
The initiative, the Taxpayer Protection And Government Accountability Act, would raise the threshold for passing tax increases in California, a move that has brought stern warnings from Governor Gavin Newsom, local governments and unions, among others, as well as a challenge before the state Supreme Court.
The initiative would require state tax increases to pass not just the current 2/3 threshold in the legislature, but sent to voters for approval by a simple majority.
The proposed initiative also would be retroactive to January 1, 2022, meaning that any tax increase passed in that time frame since then would become void if not passed by a 2/3 legislative majority and by the voters within 12 months.
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