UPDATED, 4:25 PM: Exciting news! California Gov. Gavin Newsom has just signed a bill that extends the state’s Film and TV Tax Credit Program for another five years. This program, which is administered by the California Film Commission, is expected to create 60,000 jobs and attract $10 billion in investment. Governor Newsom recognizes the importance of the entertainment industry in driving economic growth and job creation throughout the state. He believes that by extending the program, they can continue to foster growth, protect jobs, and promote diversity in the industry. This is a significant step forward for California’s iconic entertainment industry!
Colleen Bell, the executive director of the California Film Commission, expressed her excitement about this news. She believes that this extension of the tax credit program is a testament to Governor Newsom’s leadership and the Legislature’s commitment to the industry. California has always been the world’s entertainment capital, with unmatched crews, talent, infrastructure, and locations. By extending the tax credit program, they can strengthen their global competitiveness and ensure a bright economic future for California.
Previous versions of the program have already generated over $23 billion in economic output and supported the employment of more than 178,000 cast and crew members. This new budget will mark the fourth-generation film/TV tax credit program, known as Program 4.0. It’s clear that this program has had a significant impact on the industry and the state’s economy.
The bill signing has received praise from various industry stakeholders. The Entertainment Union Coalition acknowledges the significant impact of the tax credit program on job creation and local businesses. They thank the Governor and the Legislature for their support and commitment to enhancing the program’s diversity provisions and production safety.
Motion Picture Association Chairman and CEO Charles Rivkin also commends Governor Newsom for his leadership and the Legislature for passing this important extension. He believes that the program’s new version, Program 4.0, will not only create high-paying union jobs but also prioritize diversity, equity, and inclusion. Rivkin recognizes the program’s contribution to the state’s economy and local communities.
PREVIOUSLY, June 27: Exciting news for the film industry in California! The state’s Legislature has passed a bill that extends the film incentives program until 2030. This bill also establishes safety protocols for television and film workers, making it the first of its kind in the nation. Governor Gavin Newsom is expected to sign the bill, further solidifying California’s commitment to the industry.
Since its inception, the program has had a significant impact, generating $8.4 billion in qualified wages and attracting 1.85 million California workers. Productions receiving the tax credit have spent a staggering $23.2 billion in the state. The Entertainment Union Coalition, which represents various industry unions, applauds the extension of the tax incentive program and highlights the inclusion of new diversity provisions and the landmark Safety on Production Pilot Program.
The bill not only prioritizes safety by establishing guidelines for the use of firearms and ammunition on sets but also requires employers to hire independent safety advisers for motion picture, TV, and streaming productions. This five-year safety pilot program aims to ensure the well-being of workers and create a safer working environment.
Industry leaders, such as Mike Miller from IATSE and Rebecca Rhine from the Directors Guild, express their gratitude for Senator Dave Cortese’s leadership in championing this legislation. They believe that this legislation will save lives and prioritize safety in the industry. They hope that these safety practices become the standard across the country.
This bill is a significant step forward in ensuring the safety and prosperity of California’s film industry. It demonstrates the state’s commitment to its workers and the importance of maintaining a thriving entertainment sector.
Erik Pedersen contributed to this report.
