With the bill signed to 330 million, it will be a significant improvement from the $100 million per year currently in California tax credits. This means tripling its current size annually over five years, a big break for the industry in California. We will see how and if this helps the current situation in Hollywood, interesting to say the least.
In the post about tourism and foreign investments, I wrote about the importance of the tax incentive for more industries in California than the film and TV sector. Take a look if you have five minutes over.
Currently, The California Film Commission awards credits via a lottery. This will be replaced by a new system in which applicants will be scored based on the number of jobs that they will create. This means the 330 million wont be thrown away or spent on projects that have no value for the people behind the camera. Something for the Swedish Government and Swedish Film Institute to take after. Swedish Film are after all a very small industry with a need for new ideas and foreign productions.
You can read the full announcement of the credit expansion here. Below is a quote from the site from President pro Tem-elect de León.
“Today, we're one step closer to premiering a statewide Film and TV Tax Credit that is smart and strategic – with a renewed laser-focus on creating good, new jobs for Californians. This is a crown-jewel industry that provides jobs and opportunity for middle-class families in every region of our Golden State. We're sending a powerful signal today that we are 100-percent committed to keeping the cameras rolling and bright lights shining in our state for years to come,” said President pro Tem-elect de León.
Even tough I am not personally involved in the credit expansion it feels good to know that Los Angeles and California will continue to be a strong part of the american film industry. Not only for all the jobs that otherwise will be affected but also for the culture and quality entertainment Hollywood has brought to us and will bring in the future.
As always, thank you for reading.