Despite concerns about California’s looming budget deficit, the state appears likely to boost its film tax credit program to keep productions from fleeing to other regions.
Gov. Gavin Newsom and state legislative leaders have reached an agreement to increase the annual amount of money allocated to California’s film and television tax credit program to $750 million, giving hope to a beleaguered Hollywood.
The agreement more than doubles the amount currently allocated to the program and fulfills a pledge Newsom made last year to help Hollywood better compete with other states and countries that have lured productions away with generous tax incentives. The current cap for the program is $330 million…