From $330 million a year to $750 million. Gavin Newsomgovernor of Californiaproposed a massive expansion of the film and television tax credit program.
According to a study cited by the governor, every dollar of tax credit approved so far has generated 24.40 dollars, and in particular 16.14 dollars in terms of GDP, 8.6 in terms of wages and 1.07 in revenues from local and state taxes. Since 2009 the California’s Film & Television Tax Credit Program it generated over 26 billion dollars and supported over 197 thousand cast and crew jobs. What motivates the expansion of this tool is precisely the growth in demand year on year: the impossibility of fulfilling all the requests led to the movement of productions to other states: in fact, it is estimated that 71% of the rejected projects were then produced outside of California.
The expansion of California’s Film & Television Tax Credit Program it would make the state’s incentives even greater than in states like New York. «Expanding this program will help keep productions here, “at home”generating thousands of good-paying jobs, and strengthening the vital connection between our communities and this state’s iconic film and television industry,” Newsom said in an official statement.
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