Gov. Newsom Calls for Huge Increase of California’s Film Tax Credit Program to $750 Million: ‘We Need to Be Big and Bold’

With anxiety still high among California’s entertainment workforce about the departures of film and TV productions from the Golden State, Gov. Gavin Newsom is proposing drastic changes to the state’s film and TV tax incentive program.

At the Raleigh Studios in Los Angeles, adjacent to the Paramount Pictures lot, Newsom called for a $420 million raise to the cap of the incentive program from $330 million to $750 million, topping the $700 million cap of the New York tax credit program after it was raised to that amount from $420 million last year.

“We’re in a position that we can afford this, and we need to do this.