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Calif. Gov. Newsom Supports Extending $1.65B Tax Credit for Film/TV Production

Pixabay
(Image credit: Pixabay)

SACRAMENTO—Together with Senator Anthony Portantino (D-La Cañada Flintridge), entertainment unions and the California Film Commission, Governor Gavin Newsom has come out in support for SB 485, which would invest $1.65 billion in the state’s Film & Television Tax Credit Program to extend it for an additional five years, through 2030. 

This program allocates $330 million per year in tax credits for the industry.

The announcement also noted that hundreds of showrunners have demanded that production companies implement protocols to protect pregnant employees in states where abortion is outlawed.

“As other states rollback people’s rights, California will continue to protect fundamental freedoms for all and welcome businesses that stand up for their employees,” said Governor Newsom. “Extending this program will help ensure California’s world-renowned entertainment industry continues to drive economic growth with good jobs and a diverse, inclusive workforce.”

Supporters of the measure noted that the state’s Film & Television Tax Credit Program has been shown to generate $24 in economic activity for every $1 invested – spurring tens of billions of dollars in economic output, helping create over 110,000 jobs, and bringing shows and films to California.

The Entertainment Union Coalition has also come out in favor of the legislation. 

"Governor Newsom gave the 163,000 women and men we represent who work in the California film and television industry a lifeline,” the Coalition said in a statement. “With the announcement that he will sign SB 485 into law, extending the California Film & Television Tax Credit Program to 2030, Governor Newsom has assured a future where our members can continue to work at jobs they love, in the state they call home, and be present as members of their families and communities.”

The Members of the Entertainment Union Coalition (EUC) are: California IATSE Council (CIC); Directors Guild of America, LiUNA! Local 724, SAG AFTRA, and Teamsters Local 399  

George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.