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Gavin Newsom’s Revised California Budget Cuts Pensions, Spends Reserves, Extends Carryover For Film Tax Credits By 3 Years

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By Tom Tapp Deputy Managing Editor On Thursday, California Governor Gavin Newsom proposed a revised $203 billion state budget that attempted to account for the increased expenditures and decreased revenue resulting from the impact of the coronavirus.

The largest cut listed a budget summary the state released is the elimination of $2.4 billion in supplemental payments to the state’s largest public pension plans, CalPERS and CalSTRS.

Newsom’s budget also spends Californnia’s $16 billion rainy day reserve over the next three years. For the entertainment industry, there was some good news.

The governor extended the carryover period for film credits awarded under version 2.0 of the California Film and TV Tax Credit programfrom 6 years to 9

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