Gov. Gavin Newsom voiced support Wednesday for legislation that would extend the FilmThe extension through Senate Bill 485, authored by Sen. Anthony Portantino, D-La Cañada Flintridge, would provide $1.65 billion in tax credits, or $330 million per year.
Newsom's endorsement serves as a nudge to production companies that have recently left for other states with bigger tax incentive programs. But with top production companies such as Netflix, Disney, Warner Bros. Discovery, NBC Universal and Apple facing pressure to protect pregnant employees in states where abortion is illegal, Newsom is hoping to lure business back.
"As other states roll back people's rights, California will continue to protect fundamental freedoms for all and welcome businesses that stand up for their employees," Newsom said in a statement. "Extending this program will help ensure California's world-renowned entertainment industry continues to drive economic growth with good jobs and a diverse, inclusive workforce.
In a tweet, Newsom made a direct plea to companies: "Time to come back to the entertainment capital of the world. Where we believe in freedom. A woman's right to make her own decisions. And support our LGBT community."
Loosing tax money because of your high taxes. Drove Hollywood out of town. I love it.
I don't see it working...
Of course he does. The hollywood liberals finance his campaigns...along with his aunt drunk nancy
Money talks, stinkies walk. 😆 The industry is flocking to other states, even blue states like Hawaii, not only because of bigger tax breaks but also no restrictions, fees or overregulation that suck out that money anyway. CA is too damn expensive, period.
Why tax credit? I thought major corporations need to pay their fare share in taxes
I swear to god, every time I go to work, there is something always being filmed in my neighborhood. I dont want anymore 🤣
Isn’t this the anti-inflation act for Biden taxing rich corporations? I thought California supported their democratic president and politicians? Instead of taxing Hollywood production companies Newsom is giving them more of a tax credit?
Yes, drive away your own state industry then use tax dollars to bring them back. Well played, rich kid drunk governor.