Proposal would extend tax credit program in state through 2040
\n\nCalifornia Gov. Gavin Newsom, on the eve of the 2026 midterm elections, is calling for another major expansion of the state’s film and TV tax credit program.
\n\nNewsom is proposing an increase to California’s entertainment production incentive program from $750 million in annual tax credits to at least $1 billion, expanding what the governor’s office touts as already the largest capped film and TV tax credit in the U.S.
\n\nThe proposed expansion, announced Monday, would include credits for above-the-line talent, to cover spending on actors’ salaries; $100 million earmarked for independent productions; rewards for companies that commit to more than one production in California; and an extension of the tax credit through 2040.
\n\nNewsom’s term expires on Jan. 4, so the work of carrying through on any such proposal will be left to his successor. Xavier Becerra, the Democratic nominee, has promised to enhance the existing tax credit but has been vague about what enhancements he would support. Many industry stakeholders are pushing for an unlimited tax credit, but Becerra has not committed to that.
\n\nAt a hearing last week, as Assembly committee discussed measures including eliminating the $750 million…
Original source: https://variety.com/v/tv/