Newsom Lobbies For Film And TV Tax Credit Expansion
Sacramento, CA — Governor Gavin Newsom is calling on lawmakers to spend $1.65 billion to extend the state’s Film and Television Tax Credit program for an additional five years, through 2030.
The program annually allocates $330 million to offset filming expenses in an effort to encourage production in the state. Many entertainment companies are based in California, but filming sometimes often takes place in other areas because of the high cost of doing business in California.
Newsom indicates that abortion rights are a part of his decision for supporting the extension. He argues that the entertainment industry is currently pushing back on some states that are looking at potentially banning abortion, so he believes this (tax credit expansion) is a way to make it more enticing for production crews to film in California.
The additional funding is proposed under Senate Bill 485, which is authored by Democratic Senator Anthony Portantino. Newsom is lobbying for lawmakers to approve it.
Newsom says that the Filming Tax Credit program helps generate $24 in economic activity for every $1 spent.