California Governor Proposes $1 Billion Film and Television Tax Credit Expansion

California Governor Gavin Newsom has proposed increasing the state's annual film and television tax credit program to at least $1 billion. The proposal includes $100 million designated for independent productions and incentives covering above the line talent. It also provides a five percent credit increase for companies committing to multiple California productions.

Newsom is seeking to extend the program through 2040 and has called for federal legislation supporting domestic film and television production. The proposed expansion follows California's earlier increase of its annual incentive allocation from $330 million to $750 million.