14 Days
Source:
Los Angeles Times
State Legislators Warn of Threat to Film and TV Tax Credit Program
Several California legislators have urged Governor Gavin Newsom to exempt the state’s film and TV production incentive program from a new cap on corporate tax credits, fearing it will significantly reduce industry funding. The legislation, part of the recent state budget, limits the maximum tax credit to $5 million or 50% of a company's tax liability, potentially undermining the industry’s recovery efforts after declines caused by the pandemic and strikes. Industry officials warn that these restrictions threaten jobs and production activity despite previous expansions designed to attract projects back to California.
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