California’s Film & TV Tax Credit Program 2.0 has Generated $21.9bn
(kftv.com)
California’s film & TV tax credit program 2.0 has generated a total of $21.9bn in economic output and $961.5m in state and local tax revenue over its five-year run, according to the California Film Commission.
A new study by the California Film Commission, Los Angeles Economic Development Corporation (LAEDC) and Motion Picture Association (MPA) shows that for every $1 allocated, the state benefitted from at least $24.40 in economic output.
Governor Newsom expanded the program last year by an additional $330m per year in tax credits to fight ‘runaway production’ and boost film/TV production employment and spending across the state. Newsom claims the expansion has also helped support over 110,000 jobs.
“Our uniquely targeted tax credit program enables us to level the playing field, fight runaway production and deliver a significant value to taxpayers,” said California Film Commission executive director Colleen Bell. “Our program welcomes big-budget films, small-budget indies and everything in between. It has also been very successful with TV production, incentivizing new and recurring projects while prompting dozens of series to relocate here from other states and nations.”
“The success of this program is not only the jobs created and retained, but the economic engine it provides to other businesses throughout the region and the state,” added Dee Dee Myers, senior advisor to the governor and director of the Office of Business and Economic Development.
By: Melissa Kasule
