There will be more than three times as much money in tax credits available to production companies that film in the state of California, which is aiming to end the exodus of production activity to other states, Canada and Great Britain.
According to reports, the program takes the state’s incentive package from $100M to $330M annually, and has a term of five years.
According to the Wrap, California has lost some $9.6B and 47,000 jobs due to the loss of film and television activity to other states. The new incentive is expected to keep business in the state, stem the loss of jobs and increase the number new employment opportunities.
The total incentive package will remain below that offered by the State of New York, falling short of that total by almost $100M, but it is said to put California on par with the offerings of most states (and nations).