Entertainment

California Poised To Hike Tax Credits By $330M; Nearly Half To Build Soundstages – Deadline

The Golden State is about at hand out tons extra gold to Hollywood, if a newly proposed legislative effort secures Gov. Gavin Newsom’s signature.

A invoice revealed Sunday night time within the state Legislature (learn it here) would see cash-flush California add $330 million to its movie and TV credit, with $150 million of that earmarked for soundstage building.

However it’s not a performed deal. State legislation mandates that the deadline for a invoice to cross the Legislature is September 10, earlier than the Sacramento lawmakers go on recess. After that, the invoice should be “within the governor’s possession on or earlier than October 10,” per California bylaws.

The invoice comes a month after the state Senate Finances Committee proposed a $180 million hike in tax incentives — $90 million a yr for 2021-22 and 2022-23. Newsom earlier had proposed $30 million for the subsequent fiscal yr.

That has modified.

The brand new proposal would put the California on par with — if not barely forward of — New York because the state with the nation’s most profitable tax incentives.

gavin-newsom

Gavin Newsom
State of CA by way of YouTube

The Golden State has numerous cash on its arms for the time being and is set to spend it. However the politics behind the plan are clear: Newsom is facing a September 14 recall election, and there may be nothing that he and his Democratic colleagues get pleasure from greater than spreading the wealth throughout such a time to attain what, at this stage, seems like a political TKO.

It additionally must be famous that Hollywood’s deep pockets are a part of Newsom’s major donor base. Ditto for the invoice’s sponsor, Sen. Anthony Portantino, who district represents studio-rich Burbank and Glendale. Meeting Members Wendy Carrillo and Autumn Burke, whose districts embrace areas of Los Angeles, are co-sponsors.

If the invoice is handed and signed by Newsom, the legislation would take impact January 1, and the funds would fall underneath the purview of the California Film Commission to administrate and allocate.

Whereas the proposed $330 million wouldn’t hit the Tinseltown decks till subsequent yr, some options might get some excellent news a lot sooner. The subsequent deadline for unbiased and “non-independent” — because the CFC calls them — options is July 21. As soon as the fee will get all of the digitally submitted asks, it is going to assess them accordingly and announce the newest spherical of big-screen allocations on August 23.

California Poised To Boost Tax Credits By $330 Million, With Nearly Half To Build Soundstages

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