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As expected, California Gov. Gavin Newsom has signed a bill that offers Hollywood a generous boost.
The new bill, which was proposed by lawmakers earlier in July and signed by Newsom on Wednesday at Sunset Gower Studios in Hollywood, gives the film and television industry an additional $330 million in funding. The handout comes courtesy of the state’s $75 billion surplus, which was revealed by Newsom in May.
The funds add to the $330 million the Golden State already doles out to Hollywood as part of its current incentives program. Per the bill, $150 million of the additional $330 million allotted to the industry is earmarked for new soundstage construction in the state. It’s intended to allow more projects to film in California, where production space is increasingly limited and newly built facilities are needed.
The bill also requires productions that receive the soundstage credit to submit a diversity plan, with the aim of projects hiring a workforce that is reflective of California’s population. The bill’s sponsors included state Sen. Anthony Portantino and assembly members Wendy Carrillo and Autumn Burke. It had passed the state legislature last week.
The bill boosts the state’s tax credits program more than initially anticipated. Back in May, Governor Newsom had pledged to add $30 million to California’s film incentives as a result of the massive budget surplus. A month later, California lawmakers proposed a $180 million injection into program. The resulting legislation turned out to be even more generous, signaling the high value the state places on the film and TV industry.
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