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California Lawmakers Demand Fix for Film Tax Credit Cap | Venice Beach News
California lawmakers are sounding the alarm to Governor Newsom, warning that new corporate tax credit caps in the state budget could cripple the booming film and TV industry, jeopardizing thousands of jobs and undoing progress made last year. The new limit—$5 million or 50% of a company’s state tax bill—threatens the $750 million annual incentive program that’s already pumped $6 billion into the economy and created over 34,000 jobs. Lawmakers, including Assemblyman Rick Chavez Zbur, argue the cap was misunderstood and could force productions to relocate, reversing years of growth after…
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