$1 Billion or Bust? Gavin Newsom Proposes Major California Film and TV Tax Credit Expansion

California Gov. Gavin Newsom is aiming for major expansion to the state’s film and TV tax credit program — proposing to up the annual credit from $750 million to $1 billion.

“California created the modern entertainment industry; we’re the capital of entertainment and we’re going to keep it here,” Newsom stated on Monday. “At least $1 billion in tax credits means more investment flowing into our economy and more opportunity across the industry. Through this expansion, we will maintain the momentum and success of our historic expansion last year. But states can’t shoulder the cost alone, which is why I am calling on Congress to back up an expanded tax credit by passing national film and TV tax credit legislation already on the table.”