The California Legislature approved a Increase in annual fiscal credit for film and television productions, which will go from 330 to 750 million of dollars. The measure, driven after months of pressure by producers, directors and unions, represents a key support for an industry beaten in recent years by pandemic, scriptwriters and actors in 2023, budget cuts in studies and forest fires in the south of the state. It is expected that with this support the sector, which in recent years had seen how many productions migrate to other states, concentrate again in California.
In 2024, Gavin Newsom, the governor of California, proposed to increase the financing of fiscal credit to make the so -called Golden State a national leader into incentive programs for the film industry, and now this proposal is expected to become law. Next week Senators will also vote a related bill, which will seek to increase credit for each productionas well as expand coverage to a greater variety of formats of films and programs, allowing these incentives to apply to situation comedies, animation projects and competition of Telerreality.
Earlier this week, the California Film Commission announced the approval of 48 new projects that will be filmed in the state thanks to the Fiscal Credit and Television Program. In May, the president of the USA, Donald Trump warned of the accelerated deterioration of the American film industry and authorized the federal government to initiate the process to impose a 100 % tariff on the films produced abroada measure that has been criticized by representatives of the sector itself.
