Gavin Newsom Unveils Plan to Boost State’s Film Incentive to $750 Million
variety.comGene Maddaus Senior Media Writer Gov. Gavin Newsom unveiled a proposal on Sunday to increase the state’s film incentive to $750 million, responding to calls to boost the struggling industry.
At a press conference at Raleigh Studios in Los Angeles, Newsom said it was important to “send a statement” by more than doubling the subsidy, which is currently set at $330 million. “We needed to be big and bold,” Newsom said, flanked by supporters from labor. “We’re in a position where we can afford this, and we need to do this.” The increase must be approved by the Legislature next year, and would take effect in July 2025.
Los Angeles Mayor Karen Bass applauded the proposal, saying it would make a “huge difference” in making the state competitive with tax incentives in New York and Georgia. “Just like we need to do in the World Series, we have to make sure we stay ahead of New York,” Bass said.
Charles Rivkin, the chairman and CEO of the Motion Picture Association, said on X that he looks forward to working with the Legislature on the matter.
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