California Film Tax Credit Extension Delayed Until 2023 by Legislators

thewrap.com:

Portantino, who authored the bill and is a major player when it comes to film industry legislation in California, said that the delay was done to give lawmakers time to iron out late amendments added to the tax program, including a diversity amendment added by Los Angeles Assemblywoman Wendy Carrillo requiring productions that receive a tax credit to hire a cast and crew that is “broadly reflective” of the state’s demographics.

With the current tax credit program not expiring until 2025, Portantino expressed confidence that the extension can be finalized in time. “Given the Governor’s commitment, it does not seem pressing to push SB 485 through right now, while there is still time to thoughtfully act before 2025,” Portantino said in a statement. “This is an important and successful fiscal and jobs program and I am committed to seeing it extended.

Further, I appreciate the work of the bill’s co-authors, in particular Assemblymember Wendy Carrillo.”“The Motion Picture Association thanks Governor Newson, Senator Portantino, Assemblymember Carrillo, and all the champions of the film, television, and streaming industry in the legislature, as well as our labor partners, for their continued support of the Film and Television Tax Credit Program,” read a statement from the MPA’s Senior Vice President of State Government Affairs Kathy Bañuelos.

We look forward to continued collaboration on an extension that will build on the wildly successful production credit program, which has created over 110,000 jobs and over $21.9 billion in economic output in the state,” Bañuelos continued.