California tax credit program selects record 51 film titles

California has announced that a record 51 films will receive tax credits to shoot in the state. This decision comes as California looks to boost film and television production, which has been declining due to competition from other regions. Most of the selected projects are independent films. This reflects a trend where larger productions are choosing to film in places with better financial incentives, such as Georgia and the U.K. The estimated economic impact from these selected films includes nearly $347 million in wages and about $578 million in overall economic activity. California Governor Gavin Newsom emphasized the importance of keeping production in California, stating that it generates thousands of jobs and supports local businesses. Major studios like NBCUniversal, Twentieth Century Studios, and Warner Bros. will also receive tax credits, but independent films make up the majority of this round of allocations. The selected films are expected to shoot across various locations outside of Los Angeles, including Contra Costa and San Diego counties. The California Film Commission acknowledged that recent disruptions, like wildfires, have hurt local production and employment. Directors Daniel Kwan and Daniel Scheinert, who received tax credits for their previous work, stressed how crucial this program is for filmmakers in California. They pointed out that without these tax credits, making their successful film would have been impossible. In response to recent challenges in the industry, Newsom has proposed to double the annual cap for the state’s film and TV tax incentive program from $330 million to $750 million, aiming to revitalize production in California.