Looks like a good old fashion cash grab celebrity endorsement has become a bit more fraught when it comes to the digital marketplace nowadays.
22.11.2022 - 19:37 / deadline.com
Runaway film and TV productions that applied for California tax credits from 2020 to 2022 but were “ultimately denied due to lack of available funds” ended up spending nearly $1 billion in production costs outside the state. That’s according to the latest report from the California Film Commission, which makes a compelling case for greater funding of the state’s tax incentives program.
California currently offers $420 million a year in film incentives, but it’s not nearly enough to support all of the films and TV shows that want to shoot here. New York, with a much smaller film industry, also offers $4.20 million in credits, and Georgia handed out $1.2 billion last year.
Even so, production spending and employment continues to grow in the state among incentivized projects. According to the report, direct in-state spending by projects that received the tax credits grew by $200 million – from $2.1 billion to $2.3 billion – during the 2021-22 fiscal year, with growth continuing through the first half of this year. Estimated total spending for the first two-and-a-half years of the current program – Program 3.0 – is expected to top $6.2 billion.
See the full report here.
“California’s iconic film industry continues to create opportunity and drive economic growth throughout our state,” said Governor Gavin Newsom. “Today’s report from the California Film Commission affirms the tax credit program continues to produce outstanding results and foster diversity and inclusion for a workforce that better reflects our vibrant communities.”
“The competition today is global, so it’s wonderful to see our state’s commitment to maintaining our status as the world’s film and TV production capital,” said California Film Commission Executive
Looks like a good old fashion cash grab celebrity endorsement has become a bit more fraught when it comes to the digital marketplace nowadays.
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