California Expands Film Tax Credit Through 2030

Governor Gavin Newsom has signed into law an expansion of California's film and television tax credit program, increasing annual funding from $330 million to $750 million through 2030. The measure, celebrated by Los Angeles Mayor Karen Bass, union leaders, and industry representatives, is projected to boost film-related jobs by about 50% and generate over $1 billion in new economic activity. The program aims to keep productions in California and provide benefits statewide, including to rural and local communities. Credits are now refundable, enabling companies without state tax liability to receive cash back, and applications for the credits open in July. The expansion is designed to help the industry recover from recent strikes, the pandemic, and wildfires, while maintaining competitiveness with other states and countries. Some critics argue the program is a corporate giveaway, but supporters say it is essential for California's economic and cultural vitality.