Gov. Gavin Newsom unveiled a proposal on Sunday that would more than double the tax credit offered to film and TV show producers for projects shot in the state.
Newsom appeared with Los Angeles Mayor Karen Bass, state Sen. Anthony Portantino, and union leaders to announce the plan. The plan would boost the tax credit to $750 million, compared to the current $330 million standard.
However, the plan still needs approval from the state legislature. If approved, it could take effect as early as July 2025.
"We are in a position where we can afford this and need to do this," Newsom said.
In a statement released earlier Sunday, Newsom called California "the entertainment capital of the world, rooted in decades of creativity, innovation, and unparalleled talent. Expanding this program will help keep production here at home, generate thousands of good-paying jobs, and strengthen the vital link between our communities and the state's iconic film and TV industry."
Last year, San Francisco projects brought $26 million to the local economy.
Manijeh Fata, executive director of the San Francisco Film Commission, said he applauds the governor's proposal.
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Recently, Hollywood productions have flocked to other states, like Georgia, that offer lower costs and higher tax incentives.
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