AMERICANALMANAC (Alex Tanzer) - Newsom signs new post-production tax credit, but California's $10 million startup is a fraction of what Hollywood sought
California Governor Gavin Newsom signed a bill creating the state's first standalone tax credit for post-production work, but the $10 million in startup funding is a steep cut from the $100 million the bill originally sought, raising questions about whether the gesture matches the scale of the problem. Newsom put his signature on AB 2319 […] The post Newsom signs new post-production tax credit, but California's $10 million startup is a fraction of what Hollywood sought appeared first on American Almanac .
California Governor Gavin Newsom signed a bill creating the state's first standalone tax credit for post-production work, but the $10 million in startup funding is a steep cut from the $100 million the bill originally sought, raising questions about whether the gesture matches the scale of the problem. Newsom put his signature on AB 2319 on Friday, offering a 35 to 50 percent tax credit for qualifying post-production expenses, editing, sound, music, visual effects, finishing, and related work, completed inside California. Assemblymember Nick Schultz, a Democrat from Burbank, carried the bill. In a notable break from the state's existing incentive structure, productions do not need to shoot in California to qualify for the new credit. A…Open