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California Lawmakers Call On Experts To Help Weigh Newsom’s Expanded Film & TV Tax Credit Proposal: “A Serious Fiscal Matter”
California Senators on Wednesday called on experts to help weigh Gavin Newsom's proposal to expand the state's film and TV tax credit program
The subcommittee welcomed three panels of economists, industry leaders and other experts who spoke to the pros and cons of increasing the tax incentive from its current cap of $330M annually as part of a broader proposal, laid out in a pair of bills introduced in February, to staunch the bleeding of a years-long mass exodus of domestic production. Newsom first unveiled his plan to expand California’s tax incentive program cap in October, and since then calls to action have only grown after Los Angeles was hit with yet another devastating blow when two historically damaging fires swept through the city at the beginning of the year. Two major initiatives have recently emerged — the Entertainment Union Coalition’s Keep California Rolling campaign and Stay in LA, which has been championed by some of the industry’s biggest stars as well as top film and TV writers and producers — aimed at not only calling attention to the issue but lobbying lawmakers to engage meaningfully in finding solutions.
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