California Expands Film and TV Tax Credit Program with $750 Million Investment

California Governor Gavin Newsom signed a substantial $750 million expansion of the film and TV tax credit program on Wednesday morning in Burbank, aiming to strengthen the state's iconic entertainment industry.

Joined by Los Angeles Mayor Karen Bass, Burbank Mayor Nikki Perez, and leaders from film and TV unions, Newsom emphasized the initiative's dual purpose: revitalizing the industry while boosting the local economy. "California is where filmed entertainment was born, and with this expansion, we're making sure it stays here," he stated, highlighting the investment in middle-class careers and small businesses.

The governor acknowledged the challenges faced by the film and TV sector in recent years, including the impacts of the COVID-19 pandemic, production strikes, and increasing competition from states offering attractive incentives.

Last fall, Newsom proposed a plan to double the annual funding allocated to the industry, a move aimed at supporting Hollywood's recovery. The bill received approval from state lawmakers last Friday before being signed into law by Newsom.

Starting July 7, the California Film Commission will accept applications for the tax credit for television productions, with film applications opening on August 25. This investment is projected to increase the number of jobs supported by the program by approximately 50%.

Colleen Bell, director of the California Film Commission, remarked, "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."

Mayor Bass expressed her enthusiasm for the expansion, noting its potential widespread economic impact across the region. Additionally, Newsom announced support for 16 new television shows through this program, which are expected to generate $1.1 billion in spending and create around 6,700 jobs for cast and crew in California.

The new projects include nine returning series, two shows filmed outside of the Los Angeles area, and one series relocating back to California.