Gov. Newsom Endorses $1.65 Billion Film Tax Credit Through 2030

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California Governor Gavin Newsom has endorsed a state legislative bill -- SB 485 -- that will extend the state's $1.65 billion film and television tax credit for another eight years, through July 1, 2030.

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The move comes as Governor Newsom and other California politicians work to woo businesses away from states like Texas and Florida, where strict anti-abortion laws are likely to go into effect following the Supreme Court overturning Roe v. Wade.

Variety shared details about bill SB 485:

It [the new bill] extends the program, which was financed until 2025, for an additional five years. In 2021, Newsom signed a temporary increase of $180 million over two years for the program, which temporarily increased the annual amount to $420 million. The governor signed a separate $150 million incentive last year for soundstage construction.

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In a statement regarding his endorsement of the legislation, Newsom said:

“As other states roll back peoples’ rights, California will continue protecting fundamental freedoms for all and welcome businesses that stand up for their employees,. Extending this program will help ensure California’s world-renowned entertainment industry continues to drive economic growth with good jobs and a diverse, inclusive workforce.”

The entertainment news outlet also shared a statement from California Film Commission Executive Director Colleen Bell. She concurred with Newsom's plan to extend the film and television industry tax credit, saying:

“The governor’s announcement today speaks to the values held by so many people across the film and TV production industry. More than ever, California offers the best value and the best values.”

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SB 485 is sponsored by seven California Senate Democrats -- Anthony J. Portantino (District 25), Benjamin Allen (District 26), Henry I. Stern (District 27), Maria Elena Durazo (District 24), Wendy Carrillo (District 51), Carlos Villapudua (District 13), and Tasha Boerner Horvath (District 76) -- and a sole Republican, Scott Wilk (District 21).

Do you think this California tax credit benefitting the entertainment industry should be extended?

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