Tax credit for filmmaking in California to be raised to $750 million

LOS ANGELES, California: Governor Gavin Newsom's office said on October 28 that he proposed increasing the money available for film and television production incentives in California to US$750 million annually from $330 million.

The tax credit expansion was to lure some lost filmmaking production back into Hollywood's home state, which has recently been affected by limited tax credit funding and increased competition.

Colleen Bell, the director of the California Film Commission, said California lost an estimated $1.6 billion in production spending due to limited tax credit funding between 2020 and 2024.

"California needs to keep pace with competing states and nations in providing aggressive tax incentives," Bell added.