California Boosts Film Tax Credit by $330 Million, Countering Other States’ Financial Lures

California Boosts Film Tax Credit by $330 Million, Countering Other States’ Financial Lures
As part of its continued push into film and TV production, Apple wants a production campus of its own. One problem? The Wall Street Journal reported that the company is having trouble finding space in Los Angeles — much of the city’s soundstages are taken up thanks to a streaming-fueled production surge.

Apple has attractive alternatives: Netflix and NBCUniversal are among those who have invested in studio space in New Mexico, made more affordable by cheaper land — and generous tax incentives from the state.

Now, as states including Oklahoma have successfully spurred soundstage construction with similar incentives, and Georgia’s program continues to attract big-budget productions like “WandaVision,” California is giving its signature industry a boost in the face of increased competition and growing demand.

Gov. Gavin Newsom on Thursday signed into law an expansion of the state’s film and TV tax credit program. It not only boosts production tax credit by $180 million,
See full article at Indiewire »

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