Newsom’s Plan to Revive California’s Film and TV Industry: Expanded Tax Credit

California Governor Gavin Newsom is stepping in to give a boost to the struggling film and TV industry by expanding the state’s film and TV tax credit program. Joined by industry workers and stars like Noah Wyle from HBO Max’s “The Pitt,” Newsom announced the program will now set aside a hefty $750 million, up from its original $330 million budget. This means more TV and film studios, including independent productions, will benefit from this tax credit.

The expansion of the tax credit program is expected to generate $664 million in total spending across California, providing over $302 million in wages for local workers. Additionally, 16 new television shows have been approved through the program. Collectively, these projects are projected to bring in $1.1 billion in total spending and create nearly 6,700 jobs for cast and crew members throughout the state.

Facing tough competition from other locations like Canada, Georgia, and Louisiana, where production costs are lower, Newsom emphasized the need for California to remain competitive. By offering incentives like tax credits for prevailing wage union jobs, the state aims to attract more productions and retain its reputation as a hub for talented entertainment industry professionals.

Noah Wyle expressed his support for the tax credit expansion, highlighting that Los Angeles has a long history of nurturing skilled workers in the entertainment industry. He shared insights from his experience working on “The Pitt,” noting that the tax credit enabled the show to hire hundreds of workers, spend millions in wages, and create a successful production.

In addition to “The Pitt,” other notable TV projects that received approval include returning series like Hulu’s “Paradise” and CBS’ “NCIS: Origins.” The increase in production activity is not just beneficial for the entertainment industry but also for small businesses that offer services to production crews, as highlighted by Tommy Ybarra, owner of Reel Waste Recycling Company.

The California Film Commission will incorporate this funding into its upcoming application cycles, with more details to be provided in the coming days. This move is expected to breathe new life into the film and TV industry in California, bolstering the state’s reputation as a premier filming location.