California Governor Gavin Newsom has proposed a plan to raise the state's film and TV tax credit program from $330 million to $750 million annually. This increase is viewed as essential to preserving California's status as a leading location for film and television production, especially as other regions like Georgia and British Columbia offer more attractive tax incentives. As production activity in California declines and competitors gain ground, the state risks losing not only filmmakers but also the associated businesses that support the entertainment industry.
It's rare for a giveaway program to double and merit praise, but California's plan to increase its film and TV tax credit program to $750 million does just that.
Increasing the tax credit is seen as essential for maintaining the film and television industry's dominance in California amidst competition from states with better incentives.
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