California expands Film and TV tax credits to $400 Million and ends incentive lottery.
The Senate Appropriations committee has just passed the expansion for the
California Film and TV Tax Credit Program to $400 million.
According to
Deadline, the expansion will end the current lottery system that currently determines which production receives the incentives.
“Applicants will be ranked according to the net new jobs created and overall positive economic impact for the entire state,” Senate President Pro Tem and Appropriations Committee chair Kevin de Leon said today.
The plan is to expand the program until 2022 with budgets over $75 million and make network pilots eligible for the tax incentives.
The expansion in the tax credits in
California will now compete directly with
Georgia and
New York, which currently offer the highest tax credits in the nation.
This may mean bad news for the state of
Georgia. Recently, two TV productions have left the state after winning the
California lottery tax incentive. Now, with an expanded tax credit program, only time will tell if the number of productions will continue to decrease in the Peach state.
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