{"id":2360484,"date":"2024-10-28T11:43:01","date_gmt":"2024-10-28T15:43:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-proposes-750-million-hollywood-tax-credit-increase-washington-examiner\/"},"modified":"2024-10-28T11:48:12","modified_gmt":"2024-10-28T15:48:12","slug":"newsom-proposes-750-million-hollywood-tax-credit-increase-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-proposes-750-million-hollywood-tax-credit-increase-washington-examiner\/","title":{"rendered":"Newsom proposes $750 million Hollywood tax credit increase &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnewsom-proposes-750-million-hollywood-tax-credit-increase-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2360484&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>California Governor Gavin \u2063Newsom has proposed a\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/facebook-temporarily-bans-ads-for-weapons-accessories-ahead-of-inauguration-day\/\" title=\"Facebook Temporarily Bans Ads for Weapons Accessories Ahead of Inauguration Day\">significant increase<\/a> to the state&#8217;s Film and\u2064 Television Tax Credit Program, suggesting a boost\u200d from\u200b the current\u2064 $330 million to $750 million annually. This initiative aims to attract \u2063moviemakers to\u200d California and maintain its status as a leading hub for film production. Newsom highlighted\u2063 the need \u2064for this \u200cincrease during a \u2064press conference at Raleigh Studios in Hollywood, emphasizing that California&#8217;s entertainment industry is facing \u2064intensified competition.\u200b This proposal comes in \u2063the aftermath of \u200dthe 2023 SAG-AFTRA strike, which resulted in substantial financial losses for the industry but \u2062aimed to improve conditions for workers. If approved by\u2064 the state legislature, California would become\u200b a \u200bleader in film production incentives, \u200drivaling Georgia&#8217;s unlimited <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-to-return-to-full-employment-next-year-if-congress-passes-1-9-trillion-relief-bill-yellen\/\" title=\"US to Return to Full Employment Next Year if Congress Passes .9 Trillion Relief Bill: Yellen\">tax credits<\/a>. The existing tax credit program has previously \u200cgenerated over $26 billion in \u200ceconomic activity and supported nearly 200,000\u2064 jobs since its inception in 2009.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Newsom proposes $750 million Hollywood tax credit increase<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1846015\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Gov. <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/gavin-newsom\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Gavin Newsom<\/a> (D-CA) wants to double <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/California\/\" target=\"_blank\" rel=\"noopener\" title=\"\">California<\/a>&rsquo;s Film &amp; Television Tax Credit Program, freeing up $750 million a year to entice moviemakers to work in the state.<\/p>\n<div class=\"article-paywall\">\n<p>This figure would be an increase from the current $330 million annual allocation to help the state stay at the top of film production, according to a <a href=\"https:\/\/www.gov.ca.gov\/2024\/10\/27\/governor-newsom-proposes-historic-expansion-of-film-tv-tax-credit-program\/\" target=\"_blank\" rel=\"noopener\" title=\"\">press release<\/a>. Newsom unveiled the proposal during a news conference Sunday at Raleigh Studios in Hollywood, joined by <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/los-angeles\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Los Angeles<\/a> Democratic Mayor Karen Bass, as well as legislative leaders and union officials.<\/p>\n<p>&ldquo;We&rsquo;re in a position where we can afford this, and we need to do this. It&rsquo;s about recognizing the world we invented is now competing against us,&rdquo; Newsom said behind a lectern with &ldquo;Lights, Cameras, Jobs&rdquo; written on it.<\/p>\n<p>The proposal follows the 2023 SAG-AFTRA strike, during which thousands of industry workers went on strike for more than three months. The strike resulted in an estimated $5 billion nationwide loss in the entertainment industry, but writers and actors may have been in a worse economic position without it, according to a <a href=\"https:\/\/sites.lsa.umich.edu\/mje\/2023\/12\/06\/a-deep-dive-into-the-economic-ripples-of-the-hollywood-strike\/\" target=\"_blank\" rel=\"noopener\" title=\"\">study<\/a> from the University of Michigan.<\/p>\n<p>If the proposal were to be approved by the state legislature, California would become the state that offers the most money to entice film productions out of any state, except for Georgia, which provides unlimited tax credits.<\/p>\n<p>According to the press release, for every <a href=\"https:\/\/amzn.to\/3YuVZYV\">tax credit dollar approved<\/a>, $24.40 in output, $16.14 in GDP, $8.60 in wages, and $1.07 in initial state and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-department-and-irs-issue-guidance-for-bonus-tax-credit-for-fossil-fuel-communities\/\" title=\"Treasury Department and IRS Issue Guidance for Bonus Tax Credit for Fossil Fuel Communities\">local tax revenue<\/a> from production in the state were generated. Since the program began in 2009, it has generated over $26 billion in economic activity and supported more than 197,000 cast and crew jobs.&nbsp;<\/p>\n<p>Under Newsom&rsquo;s proposal, tax credits will become refundable for the first time since the program&rsquo;s inception.<\/p>\n<p>When Bass was speaker of the California Assembly, she championed the original 2009 California Film &amp; Television Tax Credit Program. She is supportive of expanding the incentive, which she said has been at the top of the priority list for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hollywood-feminists-silent-on-revelations-that-times-up-helped-cuomo-undermine-accuser\/\" title=\"Hollywood Feminists Silent On Revelations That Time\u2019s Up Helped Cuomo Undermine Accuser\">entertainment industry leaders<\/a>.&nbsp;<\/p>\n<p>&ldquo;We have to do everything we can to strengthen and protect one of our foundational pillars in Los Angeles,&rdquo; Bass said. <\/p>\n<p>She added that Los Angeles &ldquo;still has not recovered from the strike.&rdquo;<\/p>\n<p><a href=\"http:\/\/washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><strong><\/strong><\/a><\/p>\n<p>When asked about how this proposal would fit into California&rsquo;s budget, which is set to be unveiled in January, Newsom said the state has had &ldquo;good revenue news&rdquo; and could afford to finance the extra cost of the program.<\/p>\n<p>&ldquo;I&rsquo;m looking at other priorities and looking at areas where we want to continue to be more efficient and more effective,&rdquo; Newsom said at the event. &ldquo;I don&rsquo;t want to pull back from that, but we can certainly provide the space for this.&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1846015\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1846015\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newsom seeks to boost Hollywood tax credits by $750 million<\/p>\n","protected":false},"author":2910,"featured_media":2360485,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/10\/Newsom.-.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[10680,4361,3678,5210,33054],"class_list":["post-2360484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-finance","tag-hollywood","tag-newsom","tag-proposal","tag-tax-credit"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/10\/Newsom.-.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2360484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2910"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2360484"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2360484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2360485"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2360484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2360484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2360484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}