California Film Tax Credit Program Grows to $2.3 Billion in Direct Spending
(movies.mxdwn.com)
The California Film Commission announced Tuesday that films eligible for the state’s film and television tax credit increased spending by $153 million last year.
The Government of California increased spending from $2.13 billion in FY21 to $2.28 billion in FY22. The state last year also injected $90 million in tax credits into the program.
The Commission published this figure in its annual report and predicted that the figure would rise again in 2023.
Governor of California Gavin Newsom, who received cash from the historic budget surplus last year, increased his tax credit for fiscal years ending in 2022 and 2023 from his $330 million to $420 million. Increased.
Variety writes what Gov. Newsom comments on the situation by saying “California’s iconic film industry continues to create opportunity and drive economic growth throughout our state,” Newsom said in a statement on Tuesday. “Today’s report from the California Film Commission affirms the tax credit program continues to produce outstanding results and foster diversity and inclusion for a workforce that better reflects our vibrant communities.”
In an article by Variety they wrote how the commission released diversity data for the Career Pathways Program, an industry training program funded by tax credit recipients. According to these reports, the program had 141 participants in his first two years.
The commission also announced that 13 new or refurbished sound stages have been certified according to SB 144.
The current tax credit expires in 2025. A bill to extend it until 2030, was put on hold in August and it will be reconsidered at the next parliamentary session.
By: Ariana Rivera
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