Gov. Newsom proposes expanding California's film and television tax credit to at least $1B

Governor Gavin Newsom proposes expanding California's film and television tax credit program, increasing annual funding from $750 million to at least $1 billion through 2040. The plan includes credits for above-the-line talent and $100 million for independent productions. While Hollywood unions appreciate Newsom's commitment, they are uncertain if his successor will continue prioritizing these incentives. The unions will not declare victory until the next governor confirms the program remains a cornerstone of their tenure.