Gov. Gavin Newsom’s Revised California Budget May Cap Film And TV Tax Credits, Cuts Pensions, Raises Taxes, Spends Reserves (deadline.com)
On Thursday, California Governor Gavin Newsom proposed a revised $203 billion state budget that attempted to account for the $54 billion gap created by increased expenditures and decreased revenue resulting from the impact of the coronavirus.
The largest cut listed in a budget summary released by the state is the elimination of $2.4 billion in supplemental payments to the state’s largest public pension plans, CalPERS and CalSTRS.
The governor said that he and his staff would also have their salaries cut.
Newsom’s new budget spends California’s $16 billion rainy day reserve over the next three years.
For the entertainment industry, there was some good news. The governor extended the carryover period for film credits awarded under version 2.0 of the California Film and TV Tax Credit Program from 6 years to 9 years.
By Tom Tapp, Dominic Patten
Continue Reading at deadline.com
