Gov. Gavin Newsom has signed a measure to create a $10 million tax credit meant to stem the tide of post-production jobs to other states and overseas.
\n\nThe bill, AB 2319, passed the state Assembly and Senate last month by wide margins. Supporters, including the Motion Picture Editors Guild, had pushed for a credit that would be tenfold larger — $100 million — but see the more modest allocation as a positive first step.
\n\nScott George, the guild’s national executive director, called the signing a “historic day” and said the credit will ensure that “even projects shooting outside of our state can come back to California to employ Editors Guild members in post-production.”
\n\nThe California Post Alliance, a coalition of post-production facilities, also campaigned strongly for the bill. Supporters have noted that many countries — including the U.K., Canada, Australia and Spain — have standalone tax incentives for post-production, as do several other U.S. states, including New York, New Mexico and New Jersey.
\n\nCalifornia, meanwhile, increased its film and TV tax credit to $750 million last year. That credit covers post-production costs, but only if 75% of the project’s overall budget is spent in California. The new credit would allow…
Original source: https://variety.com/v/tv/