California Governor Gavin Newsom has announced that he wants to double the funding of California’s Film & Television Tax Credit Program.
The tax credit fund has been active since 2009 and over the years has created nearly 200,000 jobs and attracted over $10bn in investment to the territory.
The proposal aims to increase its budget from the current $330mln to $750mln, effectively widening the catchment area for contributions.
This increase, if approved by the Assembly and Senate, would make California one of the top states in the US in terms of tax credit levels, surpassing even New York.
The aim of this decision is to incentivise productions that have so far moved to states with higher tax credits to stay in the Golden State and put Hollywood back at the top of the American film system.
Since its creation in 2009, the fund has already undergone expansions, but this would be the largest in its history.
More information can be found on the website of the Governor of California.
Ph: Maarten van den Heuvel via Unsplash
