Gene Maddaus Senior Media Writer California Gov. Gavin Newsom signed a bill on Monday that extends the state’s $330 million tax incentive for film and TV production.
The program will be extended for five years through 2030. For the first time, the credit will be refundable, meaning that companies like Netflix that have little or no state tax liability can receive cash back from the state.
That change has been estimated to cost $200 million. The bill is the result of more than a year of bargaining between Hollywood studios, entertainment unions and state lawmakers.
In addition to extending the credit, the bill also includes an incentive for productions to hire a diverse workforce, both on screen and behind the camera.
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