CA Gov. Gavin Newsom Signs Bill Addressing Catch in $750M Tax Credit for Hollywood
The new law exempts indie projects from caps on the use of state tax credits and offers productions enhanced monetization of their incentives.
California Governor Gavin Newsom has signed a bill that establishes the state's first standalone tax credit for post-production work in the film and television industry. The new bill, AB 2319, offers a 35% to 50% tax credit for qualifying expenses related to editing, sound, music, visual effects, and finishing processes completed in California.
This incentive is separate from existing parameters that previously required 75% of filming or overall spending to occur in the state. The bill includes $10 million in startup funding, with Assemblymember Nick Schultz (D-Burbank) carrying the bill and expressing a desire to increase funding in the next budget. This move aims to protect California's position as the nation's entertainment capital and ensure that creative talent can continue to contribute to the state's economy.
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