Gavin Newsom Pitches Big Change To California Film & TV Tax Credits; Governor Unveils New State Budget Proposal
deadline.comA projected $22.5 billion deficit has Gov. Gavin Newsom proposing some belt tightening and program cuts for California, but the financial sun is still shining bright on the Golden State’s over $400 million film and television tax credits program.
Putting forth a $297 billion 2023-24 state budget plan today, the newly re-elected Democrat reiterated his desire to extend the annual big and small screen initiative into the next decade and make some big changes to the program. “The Budget proposes to extend the California Film Commission administered Film and Television Tax Credit Program at $330 million per year for five years beginning in 2025-26 (Program 4.0) and make it refundable prospectively for the new Program 4.0,” says the proposal introduced by Newsom this morning in the opening round of getting to a state budget.
The Film and TV tax credits program was first introduced in its present jobs focused form in 2014. Renewed periodically, the program was plumped up to $420 for two years by the Governor in 2021 in part to counter the economic effects of the pandemic and to attract more relocating series.
With a long industry history but much smaller production bench to California, New York state also offers $420 million in film and TV tax.
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