All articles tagged with #film tax credit
California has amended and signed into law a bill to modernize and expand its Film & TV Tax Credit Program, increasing incentives, funding, and eligibility to boost local production and create jobs, with positive reactions from industry groups and efforts to attract more filming to the state.
California lawmakers have approved an increase in the annual film and TV tax credit program to $750 million, aiming to support the industry and counteract runaway productions, with final legislative steps pending approval of program amendments.
California has approved a $750 million annual increase in its film and TV tax credit program, making it the most generous outside of New York and Georgia, to attract Hollywood productions back to the state. The legislation expands qualifying productions, increases incentives, and aims to reverse recent declines in local film production, with funding secured through 2035 and potential subsidies up to $1.5 billion.
California legislators approved a significant expansion of the state's film and TV tax credit program, increasing the cap from $330 million to $750 million to help the industry stay competitive and create jobs, amid a broader effort to revive production jobs impacted by a global downturn.
California lawmakers have approved a $750 million annual funding for the Film & TV Tax Credit Program, aiming to boost local production and counteract the trend of runaway production to other states, with additional measures to expand and improve the program's accessibility.
California lawmakers have agreed to increase the state's film and TV tax incentive to $750 million annually, more than doubling the previous $330 million, to boost production and jobs, with additional reforms to expand eligibility and support underserved communities.
Expanding California's film and TV tax credit to $750 million is projected to create approximately 4,400 to 5,500 direct jobs, which may help mitigate recent significant job losses in the industry, though it won't fully reverse the downturn. The expansion could also generate nearly 15,000 additional jobs when considering broader economic effects, but experts debate the true impact and causes of industry decline. The move aims to attract more productions and retain the existing workforce amid fierce competition from other states.
The Louisiana Senate Revenue and Fiscal Affairs Committee voted to retain the state's film tax credit while reducing its cap from $150 million to $125 million, countering a House proposal to end the incentive by 2025. This decision comes amid protests from industry workers concerned about job losses. The committee also proposed amendments to eliminate the refundability of tax credits and to allow unused credits to roll over to the next year. The final legislative outcome remains uncertain as discussions continue.
The Louisiana House of Representatives has voted to eliminate the state's $150 million film and TV production tax credit as part of a broader effort to reduce state income taxes. The bill, which passed with an 87-12 vote, aims to sunset the film incentive by June 30, pending Senate and gubernatorial approval. This move is part of Governor Jeff Landry's initiative to reduce personal and corporate income taxes and eliminate various exemptions. The decision has sparked debate, with proponents arguing it will create tax equity, while opponents warn it could drive film jobs out of the state.