California Gov. Gavin Newsom on Sunday announced a proposal to more than double the state’s film and tax incentives, which he says will create more competition among other states and countries offering similar perks to the entertainment industry.
The new proposal will expand the annual tax credit pool to $750 million, compared to its current total of $330 million, Newsom said during a news conference at a Hollywood studio, where he was joined by Los Angeles Mayor Karen Bass and members of entertainment unions such as the Directors Guild of America and International Alliance of Theatrical Stage Employees.
The refundable credits program would surpass New York’s current film incentive, the governor said.
