California is about to give Hollywood studios a lucrative tax deal during the writers' strike | CNN Business

. A bill awaiting California Gov. Gavin Newsom’s signature would extend the state’s tax incentive program for film and TV productions for five years but with a key update: Studios with more tax credits than they can use will be able to exchange those credits for cash. The bill, part of the state’s overall budget plan, was passed by California legislators on Tuesday, and Newsom is expected to sign it on Friday.

In addition to refundable tax credits and stricter safety standards, the bill establishes specific diversity requirements. Studios must submit data about the diversity of their workforce to qualify for the full credit. The bill also adds a new member to the state’s film commission with diversity, equity, and inclusion expertise. A tense time for the industry The tax perk for Hollywood comes amid ongoing tension between the industry’s workforce and the studios’ bosses.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Anheuser-Busch hopes its new ads will change the conversation | CNN BusinessAs Bud Light continues to face fallout from its partnership with a transgender influencer, its parent company is rolling out commercials centered on some of its 65,000 workers and partners.
Source: CNN - 🏆 4. / 95 Read more »

Why airline delays and cancellations are so bad: It's not just the weather | CNN BusinessHundreds of thousands of US airline customers were stranded this week as severe weather grounded planes and led to canceled flights. But storms were only one factor behind the travel nightmare. Staffing shortages, at both US airlines and the Federal Aviation Administration’s air traffic control operations, took a bad situation and made it worse.
Source: CNN - 🏆 4. / 95 Read more »