California Film Commission Unveils Details of How Tax Credits Will Be Awarded
February 13th, 2015 by admin
When Gov. Jerry Brown signed into law last September a dramatic expansion of the state’s film and TV tax credit program, it was in many ways just the start of the new effort to lure production back to California.
On Thursday, the California Film Commission unanimously passed draft regulations that will govern how the $330 million in annual tax credits will be disbursed. The regulations now go to the state Office of Administrative Law for final approval, so there still could be changes.
The legislation more than tripled the amount of tax credits available to movie and TV projects, as well as expanded eligibility to include big-budget feature films, one-hour drama series and TV pilots. But perhaps the biggest change was in the way applicants will be awarded credits.