SACRAMENTO - On Tuesday, Governor Gavin Newsom unveiled his 2023-24 budget proposal, which includes a five year extension to California’s Film and Television Tax Credit Program. The proposal seeks to invest $330 million per year, beginning in 2025-26, to ensure that all forms of media content creation, including film, television and streaming services, remain a key part of California’s economy. The proposal seeks to attract and maintain production in our state and provide Californians opportunities to participate in the economic activity being generated across our state.
Given her leading role on in establishing benchmarks and commitments on diversity during the last extension of the credit program in 2021, Assemblywoman Wendy Carrillo issued the following statement in her role as Chair of Assembly Budget Sub 4, State Administration, and newly appointed Member of the California Film Commission:
"My priority has and will continue to be to build on the work accomplished in this space, and to ensure that diversity and equity are at the forefront of all policy discussions. Our efforts should reflect the rich diversity of the 40 million that call California home, and include our people in the economic opportunities brought on by the entertainment industry. A child from East Los Angeles or a student at CSULA should be able to look to the industry as a feasible path in which they can pursue a future. The state’s investments also must ensure that we attract and keep film and television production in our state, and should result in the creation of good union jobs.”
“In partnership with the Governor’s office and my colleagues in the legislature, I look forward to engaging the Entertainment Union Coalition, production studios and stakeholders in supporting the industry that has made our state the entertainment capital of the world.”
A recent study by the Los Angeles Economic Development Corporation (LAEDC) reported that each dollar allocated by California’s Film and TV Tax Credit Program generated $24.40 in economic output, plus $1.07 returned to taxpayers in state and local tax revenues.
A full summary of Governor Newsom’s proposed 2023-24 state budget is available here.
More information about California’s Film and Television Tax Credit Program 3.0, including application procedures, eligibility, and guidelines, is available at http://www.film.ca.gov/tax-credit/.
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Assemblywoman Wendy Carrillo was elected to the California State Assembly in December of 2017. She serves as the Chair of Budget Subcommittee No. 4 on State Administration, and as a member of the Assembly Committees on Appropriations, Budget, Budget Sub. 6 on Budget Process, Oversight and Program Evaluation, Health, Housing and Community Development, Utilities and Energy, the Joint Legislative Budget Committee, and the Joint Legislative Committee on Climate Change Policies.