Gavin Newsom Proposes Expanding California’s Film and TV Tax Credit Program to at Least $1 Billion

California Gov. Gavin Newsom is proposing expanding the state’s film and TV tax credit program to at least $1 billion.

The move, which comes as the state prepares to elect Newsom’s successor during this week’s midterm elections, would include credits for above-the-line talent, $100 million for independent productions, a 5% boost in tax credits for companies that commit to more than one production in California, and an extension of the tax credit through 2040.

He is also urging Congress to pass the Motion Picture, Television and Entertainment Revitalization Act (MPTERA) by the end of the year

“California created the modern entertainment industry; we’re the capital of entertainment and we’re going to keep it here. At least $1 billion in tax credits means more investment flowing into our economy and more opportunity across the industry,” Newsom said in a statement. “Through this expansion, we will maintain the momentum and success of our historic expansion last year. But states can’t shoulder the cost alone, which is why I am calling on Congress to back up an expanded tax credit by passing national film and TV tax credit legislation already on the table.”

Since its inception in 2009, California’s Film and Television Tax…