Gov GavinNewsom is pushing for California legislators to extend a tax credit program for movie studios and allow the credits to be refundable, but it comes as the state faces a budget deficit of $22.5 billion for the next fiscal year.
Newsom's 2023-2024 budget calls for a $330 million-per-year extension of the state's tax credit program for television and film productions from 2025 to 2030."This credit retains and supports the growth of production jobs in the film industry and stimulates economic activity statewide, enhancing California’s position as the leading national and global location for all forms of media content creation.
The Newsom administration says the proposed tax credit system for productions would incentivize studios to make their television and film productions more diverse. The plan, however, comes as the state faces a $22.5 billion deficit for the next fiscal year and will have to cut the budgets of some programs to make up for the shortfall.
Lawmakers also had concerns over the makeup of the productions, arguing that diversity should be pushed if the state is serious about incentivizing Hollywood to return to making films in California.
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