financetom
Business
financetom
/
Business
/
California legislature acts to keep film and TV production at home
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
California legislature acts to keep film and TV production at home
Jun 27, 2025 2:50 PM

(Reuters) -Hollywood's home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday.

The increase from the current $330 million was approved as part of a broader tax bill that is expected to be signed into law by Governor Gavin Newsom in the coming days.

Democrat Newsom had advocated for the boost, a step to help reverse a years-long exodus of production from California to places such as Britain, Canada and other U.S. states that offer generous tax credits and rebates.

Producers, directors, actors and behind-the-scenes workers have warned lawmakers that Hollywood was at risk of becoming the next Detroit, the automaking capital devastated by overseas competition, if current trends continued.

Permitting data showed production in Los Angeles, the location of major studios including Walt Disney and Netflix, fell to the second-lowest level on record in 2024. California has lost more than 17,000 jobs since 2022 from its declining share of the entertainment industry, according to union estimates.

Producer Uri Singer said he shot three films in New York to take advantage of its tax incentives. He received a California tax credit to shoot his current project, a horror flick called "Corporate Retreat," in Los Angeles.

"You can get such good cast and crew that are available that makes shooting in L.A. financially better," he said. "Besides that, creatively you find here anyone you want, and if you need another crane, within an hour you have a crane."

Plus, "the crew is happy because they go home every day," Singer added.

Local advocates applauded California's expansion of tax incentives, though they said more needs to be done.

Writer Alexandra Pechman, an organzier of a "Stay in LA" campaign by Hollywood workers, called on Hollywood studios to commit to a specific amount of spending in California to support creative workers.

"It's time for the studios and streamers to do their part to turn this win into real change for all of us," Pechman said.

Industry supporters also are pushing for federal tax incentives to keep filming in the United States.

Republican President Donald Trump has offered a different way to address the issue. Trump said in May that he had authorized government agencies to impose a 100% tariff on movies produced overseas. The movie tariff has not been implemented.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BRIEF-Renatus Tactical Acquisition Corp I Announces Closing Of Upsized $241.5 Million Initial Public Offering
BRIEF-Renatus Tactical Acquisition Corp I Announces Closing Of Upsized $241.5 Million Initial Public Offering
May 26, 2025
May 16 (Reuters) - Renatus Tactical Acquisition I Corp ( RTACU ) : * RENATUS TACTICAL ACQUISITION CORP I ANNOUNCES CLOSING OF UPSIZED $241.5 MILLION INITIAL PUBLIC OFFERING Source text: Further company coverage: ...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Ryder System Insider Sold Shares Worth $5,994,973, According to a Recent SEC Filing
Ryder System Insider Sold Shares Worth $5,994,973, According to a Recent SEC Filing
May 26, 2025
05:29 PM EDT, 05/16/2025 (MT Newswires) -- John S. Sensing, President, Global Supply Chain Solutions and Dedicated Transportation Solutions, on May 14, 2025, sold 37,463 shares in Ryder System (R) for $5,994,973. Following the Form 4 filing with the SEC, Sensing has control over a total of 52,168 common shares of the company, with 52,168 shares held directly. SEC Filing:...
Instant View: With Moody's downgrade, US loses treasured Aaa credit rating
Instant View: With Moody's downgrade, US loses treasured Aaa credit rating
May 26, 2025
NEW YORK (Reuters) - Moody's on Friday downgraded the credit rating of the United States by a notch to Aa1 from Aaa, citing rising debt and interest that are significantly higher than similarly rated sovereigns. U.S. President Donald Trump's sweeping tax bill failed to clear a key procedural hurdle on Friday, as hardline Republicans demanding deeper spending cuts blocked the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved