California Gov. Newsom proposes $1B annual tax credits for Hollywood
Business
California Gov. Gavin Newsom just pitched a plan to give Hollywood at least $1 billion in annual tax credits, hoping to keep film and TV jobs in the state.
This expands on an earlier $750-million program and would run through 2040, helping cover costs like actors' and producers' salaries.
Sets $100 million for California independent films
The proposal also sets aside $100 million each year for independent films made in California.
It comes at a tough time: since 2022, the state has lost 52,016 film and television jobs, nearly all in Los Angeles County.
With big names backing the plan and billions already generated from past credits, Newsom says he's determined to help California stay the heart of entertainment, even as other places try to lure productions away.