Today, Governor Newsom signed SB 132. The bill extends the state’s $330
million-a-year Film and TV Tax Credit Program for an additional five years; it’ll last until 2030 or 2031. The tax credit program could create 60,000 jobs and lead to $10 billion in investment.
The tax program was originally launched in 2009. Since then, California’s Film & TV Tax Credit has produced more than $23 billion in economic output and helped employ 178,000 cast and crew members. The bill’s announcement, which features plenty of good news for Californians, is sadly timed to the ongoing WGA strike and potential SAG strike.
The new Film & TV tax credit is called Program 4.0, which includes new workforce diversity provisions and more funding for the Film Commission’s Career Pathways Training Program. For a full allocation of tax credits, projects must also file a diversity work plan and, according to the press release, “demonstrate a good faith effort to hire a workforce that is ‘broadly reflective’ of California’s population.”
“California’s iconic entertainment industry drives economic growth
in communities all across our state,” said Governor Gavin Newsom.
“Over the past years, our Film and Television Tax Credit Program has
helped create thousands of good paying jobs, relocated productions to
California, and brought billions in new investment to our state. Through
the extension of the program, we’ll continue this growth, protect
jobs, and push for progress on diversity so workers better represent
communities throughout our state.”
“Today’s fantastic news regarding California’s Film and TV Tax
Credit Program is a testament to Governor Newsom’s leadership and the
Legislature’s commitment to the industry,” added California Film
Commission Executive Director Colleen Bell. “For more than a century,
our unmatched crews, talent, infrastructure and locations have made
California the world’s entertainment capital. The extension of our tax
credit program will strengthen our global competitiveness and deliver
significant, long-term value to California’s economic future.”
Program 4.0 focuses more on safety as well. For the first time in the nation, the program has a Safety on Production Pilot Program. There’s now firearms training stipulated as a requirement, as well as a must-have specialized advisor to ensure safety on sets.
