California Gov. Gavin Newsom signs $750 million expansion of film and TV tax credit program
California Gov. Gavin Newsom signed the expansion of a $750 million film and TV tax credit that will help bolster the state's trademark industries Wednesday morning in Burbank.
Newsom was accompanied by Los Angeles Mayor Karen Bass, Burbank Mayor Nikki Perez and film and TV union leaders to celebrate the expansion that he said will not only help the industry as a whole but also LA's local economy.
"California is where filmed entertainment was born, and with this expansion, we're making sure it stays here. We're not just investing in productions and soundstages—we're investing in middle-class careers, small businesses, and the communities that power this iconic industry," Newsom said.
Newsom mentioned the difficult times the film and TV industry has gone through in the past couple of years, including the COVID-19 pandemic, production strikes and competition from other states offering lucrative incentives.
Newsom introduced a proposal last fall to double the annual amount allocated to the industry, hoping to help Hollywood's struggling production. The bill was approved by state lawmakers last Friday and Newsom signed the bill.
The California Film Commission will begin accepting applications for the tax credit on July 7 for television and Aug. 25 for film.
Newsom's office said the investment will increase the number of film jobs supported by the program by about 50%.
"This expansion is a direct result of vision, tenacity and a shared belief that California should not only be the birthplace of film and television but its home now and into the future," said Colleen Bell, director of the California Film Commission.
Bass also expressed her excitement for the expansion, saying she is happy that the economic impact will be widespread throughout the region.
Newsom is also awarding 16 new television shows through the program, which are expected to total $1.1 billion in spending and account for about 6,700 cast and crew jobs in the state.
The new projects include nine returning TV series, two shows filmed outside of the LA area and one relocating series.
