California's Updated Tax Credit Program Adds $1.5B To State

Posted on Friday, October 28, 2016

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California’s expanded film incentive program brought 55 productions in its first full year. That's $1.5 billion into the state’s economy, including $600 million in below-the-line wages.

The new five-year tax-credit program aims to lure television and film production to the state. This has resulted in six shows that have relocated to California, according to the commission in a report released Thursday. Those shows are “Veep,” that relocated from Maryland; “American Crime,” moving from Texas; “Mistresses,” from Vancouver; “Secrets and Lies,” which relocated from North Carolina; and “American Horror Story” and “Scream Queens,” from Louisiana. Totalling nearly $51 million in tax credits for the shows. These are on track to spend more than $328 million in the state.

Other TV projects that received tax credits include HBO’s “Westworld”, David Lynch’s new “Twin Peaks” series for Showtime and Amazon’s “Good Girls Revolt.” Movies that recently received tax credits include James Franco, the horror film “Annabelle 2,” and “CHiPs” and the comedy “Why Him,” starring Bryan Cranston.

The state awarded almost $230 million in tax credits during the fiscal year ended in June, which is up from $100 million in the year before. The funding is expected to increase to around $330 million for the current fiscal year and remain at that level each year through fiscal 2020.
Read the full Article on L.A.Biz.
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