Audio By Carbonatix
Governor Gavin Newsom has proposed increasing the money available for film and television production incentives in California to $750 million annually from $330 million, his office said on Sunday.
Newsom's office said the tax credit expansion was to lure some lost filmmaking production back into Hollywood's home state, which has recently been affected by limited tax credit funding and increased competition.
California lost an estimated $1.6 billion in production spending due to limited tax credit funding between 2020 and 2024, Colleen Bell, the Director of the California Film Commission, said.
"California needs to keep pace with competing states and nations in providing aggressive tax incentives," Bell added.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Bangladesh’s first female prime minister Khaleda Zia dies aged 80
2 minutes -
We’ll prosecute persons who do not surrender illegal arms before Jan 15 – Dr Bonaa
3 minutes -
Col. Festus Aboagye warns against ‘outsourcing’ African security following US airstrikes in Nigeria
21 minutes -
SEC assures investor protection as Virtual Asset Bill comes into force
38 minutes -
Ukraine denies drone attack on Putin’s residence
1 hour -
Cedi records year-end rally as diaspora inflows and trade surplus break volatility cycle
2 hours -
31st Night doom prophecies: Be cautious and measured – NPC warns prophets
2 hours -
Ga West Municipal Assembly shuts down China Mall after building collapse
4 hours -
Beyoncé declared a billionaire by Forbes
4 hours -
Techiman hosts historic launch of GJA Bono East Chapter
4 hours -
Mpox fatalities rise to six as GHS sounds alarm over festive crowds
5 hours -
‘Okada’ union leaders undergo training ahead of 2026 legalisation processes
6 hours -
Creative Canvas 2025: Moliy and the power of a global digital moment
6 hours -
Ibrahim Mahama supports disability groups with Christmas donation
7 hours -
Techiman hosts historic launch of GJA Bono East Chapter: Regional pact for balanced journalism
7 hours