(The Center Square) - Legislators fear California will become noncompetitive again in attracting major film and TV productions if changes aren’t made to the state budget.
The $350 billion budget presents a $5 million cap in tax credits per project, or in Hollywood's case, per TV show or movie, as outlined in Senate Bill 122. That would mean a reduction in current tax credits for productions with bigger budgets. The budget was passed June 29 by the Legislature and immediately signed into law by Gov. Gavin Newsom.
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