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On May 14th, Governor Newsom announced a budget proposal adding $30 million to California’s film/TV tax credit program and growing total funding for fiscal 2021-22 to $360 million.

The additional funding will be allocated to relocating TV series, which bring long-term jobs and production spending. To date, the tax credit program has welcomed 23 relocating TV series from other states and nations.

The increased funding is part of the Governor’s comprehensive “California Roars Back” plan made possible by the state’s $76 billion budget surplus. The plan also includes expanding the CalCompetes Tax Credit by $180 million and a one-time $250 million CalCompetes grant program for businesses that relocate or expand in California.

Latest Progress Report

In case you missed it, the latest edition of our annual Film & Television Tax Credit Program Progress Report provides updated data through the fifth and final year of Program 2.0, along with a review of the new provisions that went into effect last July with the launch of Program 3.0.

Notwithstanding the impact of COVID-19, the report affirms that California's tax credit program continues to achieve a significant return-on-investment.

Highlights include:

  • Jobs and In-State Spending -- Program 2.0 is on track to generate nearly $11.2 billion in direct production spending in California based on an investment of $1.55 billion in tax credit reservations.

  • Relocating TV Series -- Program 2.0 welcomed a total of 18 relocating TV series from other states and nations, and this success continues with Program 3.0 (which has already welcomed five additional series in its first year).

  • Big-Budget Films -- With its expanded project eligibility, Program 2.0 welcomed a total of 13 big-budget feature films to the Golden State.

  • Statewide Production -- Year-five of Program 2.0 continued to bring significant production spending and employment to regions outside the Los Angeles 30-Mile Zone.

The report concludes with an overview of major changes for Program 3.0, including more tax credits for independent productions, a new pilot skills training program targeting underserved communities, and a requirement that productions provide diversity initiatives and anti-harassment policies. 

The full Progress Report is available on the California Film Commission website.