Governor Newsom & CFC Executive Director Colleen Bell Release Statements Regarding Extension of California’s Film & TV Tax Credit Program

Signed on July 10th by Governor Newsom, SB 132 extends the state’s $330 million-a-year Film and TV Tax Credit Program an additional five years through fiscal 2030-31, which will create an estimated 60,000 jobs and $10 billion of investment over that time.

“California’s iconic entertainment industry drives economic growth in communities all across our state,” said Governor Gavin Newsom. “Over the past years, our Film and Television Tax Credit Program has helped create thousands of good paying jobs, relocated productions to California, and brought billions in new investment to our state. Through the extension of the program, we’ll continue this growth, protect jobs, and push for progress on diversity so workers better represent communities throughout our state.”

“This fantastic news regarding California’s Film and TV Tax Credit Program is a testament to Governor Newsom’s leadership and the Legislature’s commitment to the industry,” said California Film Commission Executive Director Colleen Bell. “For more than a century, our unmatched crews, talent, infrastructure and locations have made California the world’s entertainment capital. The extension of our tax credit program will strengthen our global competitiveness and deliver significant, long-term value to California’s economic future.”

Building upon a strong track record of success from previous iterations of the program, whose productions have generated more than $23 billion in economic output and supported the employment of more than 178,000 cast and crew, this new budget will create the state’s fourth-generation film/TV tax credit program – known as Program 4.0.

Earlier this week, Governor Gavin Newsom signed into law a slate of bills to accelerate critical infrastructure projects across California that help build our 100% clean electric grid, ensure safe drinking water and boost the state’s water supply and modernize our transportation system.

The legislation represents an urgent push by Governor Newsom to take full advantage of an unprecedented $180 billion in state, local, and federal infrastructure funds over the next ten years – critical to achieving California’s world-leading climate and clean energy goals while also creating up to 400,000 good-paying jobs.

By streamlining permitting, cutting red tape, and allowing state agencies to use new project delivery methods, this legislation will maximize taxpayer dollars and accelerate timelines of projects throughout the state, while ensuring appropriate environmental review and community engagement.

Governor Newsom also signed components of the 2023-24 state budget agreement, which includes $37.8 billion in total budgetary reserves – the largest in state history – including $22.3 billion in the Rainy Day Fund amid continued global economic uncertainty. The budget closes a shortfall of more than $30 billion while preserving major investments in public education, health care, climate action, addressing homelessness, and other priorities.