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Netflix Poised to Benefit From Change in California Tax Credit
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variety.com
variety.comGene Maddaus Senior Media Writer The California Legislature this week agreed to a significant change in the state’s film and TV tax credit, and one company in particular appears poised to benefit: Netflix.
The state issues $330 million in tax credits every year to keep production jobs in California. The credits can be used to offset corporate income tax and sales tax.
But some companies either have no California tax liability, or not enough to make full use of the credits. Gov. Gavin Newsom agreed this year to help those companies out by making the credit “refundable,” so that those companies can get cash back.
The Legislature released details of a budget deal on Monday, which indicated that it had approved Newsom’s refundability proposal.
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