Newsom Proposes More Than Doubling Film & TV Tax Credit Program

California Gov. Gavin Newsom on Sunday announced a proposal to expand California’s Film & Television Tax Credit Program to $750 million annually, up from the current $330 million annual allocation. The expansion would position California as the top state for capped film incentive programs, surpassing New York — which raised its cap to $700 million last year — and other states.

Since its inception in 2009, California’s Film & Television Tax Credit Program has generated more than $26 billion in economic activity and supported more than 197,000 cast and crew jobs statewide. However, it has been oversubscribed year after year, and productions that couldn’t obtain the credits have moved out of state, according to Newsom’s office.

“We’re in a position that we can afford this, and we need to do this,” Newsom said Sunday at Raleigh Studios in Los Angeles. “This is about investing and recognizing that the world we invented is now competing against us.”

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