The governor's latest proposed budget also earmarks $330 million per year for the program through the 2030-2031 fiscal year.
“The proposed budget affirms Governor Newsom’s leadership in ensuring California’s Film and TV Tax Credit Program evolves and continues to deliver on our goal of retaining and growing in-state production,” California Film Commission Executive Director Colleen Bell said in a statement. “The five-year extension and provision to make tax credits refundable will give industry decision makers more options and the certainty they need to make long-term investments here in the Golden State.
According to the Governor’s proposed budget, making credits refundable “will benefit a wider range of productions and ensure the competitive program will maximize economic benefits to the state.” Under the changes, credit applicants with “insufficient tax liability” can earn a tax refund at a discounted value over the course of several years. Meanwhile, “Credits applied against tax liability will retain their full value.
The present iteration of California’s film and television tax credit program, instituted in July 2020, has produced more than $6.2 billion in production spending in its first three fiscal years, according to the California Film Commission’s
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