California Extends Film Tax Credits to 2025

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Gov. Jerry Brown on Wednesday signed legislation extending California’s film and TV incentives to 2025. The tax credit program will continue to provide a total of $330 million in tax credits per year to eligible productions, with increased diversity efforts but little economic change from the existing scheme, which was set to expire in 2020.

Those credits represent the state’s effort to keep projects from decamping to New York, Atlanta, Canada and the U.K (a favorite for big-budget films) and to lure back television productions that had previously relocated. Although Georgia ($600 million in 2016) and New York ($420 million a year) dole out more and offer more lucrative credits, California’s program has been “highly successful,” according to a June 14 Milken Institute report.

“As a coalition that represents working men and women of the entertainment industry, we are elated that the California film and television production tax credit program has been extended through 2025,” said the Entertainment Union Coalition, composed of the California IATSE Council, Directors Guild of America, International Brotherhood of Teamsters Local 399, Laborers International Union Local 724 and SAG-AFTRA. “Our members are those who lose when film and television production leaves this state and they are also the direct beneficiaries when it returns to and stays in California.”

See more at THR

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