Gov. Newsom signs expansion of California film and TV tax credit, officials say it will bring jobs back to state

Gov. Gavin Newsom signed legislation expanding the California Film and Television Tax Credit Program onstage at a Los Angeles studio lot, increasing annual funding from $330 million to $750 million.

The expansion, described by state and industry leaders as a major investment to keep production and related jobs in California, also includes program changes leaders said will take effect under Program 4, a refundability feature, and newly approved projects that officials say represent more than $1 billion in economic activity.

Colleen Bell, California Film Commission, called the funding increase “a bold move,” saying it reflects a strategic choice to keep film and television production in California. “Increasing our annual film and television tax credit from $330,000,000 to $750,000,000 is a bold move,” Bell said.

Gov. Gavin Newsom, who signed the bill at the event, framed the measure as an investment in jobs and the state economy and said, “it’ll be my pleasure now to sign this bill.” He also said the state had made the program’s refundability component effective at the start of the month and that new application criteria…