Post-production workers and Mayor Bass press Gov. Newsom to sign first-of-its-kind tax credit
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Set us as preferred Hollywood’s film and TV post-production workers took their case directly to Gov.Gavin Newsom on Thursday, urging him to sign a bill that would create the state’s first standalone post-production tax incentive.Workers like editors, singers and sound supervisors joined the bill’s author Assemblymember Nick Schultz (D-Burbank) and Mayor Karen Bass at a press conference Thursday morning in front of the Television Academy’s headquarters in North Hollywood.
The bill, AB 2319, is aimed at supporting the industry’s editors, sound mixers, composers and visual effects artists.It passed the state Senate 33 to 5 on August 30, and the Assembly approved the final version 72 to 2 the same day.
Newsom, who has not taken a public position on the measure, has until Sept.30 to sign or veto it.Bass urged supporters not to let up before then.“We need our industry in full force,” Bass said.
“It’s all a part of making our city more affordable.We know that this is one of the biggest issues in our city, and so having a strong, robust industry helps Angelenos across the board.” Hollywood Inc.
Earlier this year, Gov.Gavin Newsom implemented a new tax credit cap on corporations.
Under a new bill, the state’s indie filmmakers received an exemption due to ongoing efforts to revitalize the industry.The incentive would allow a 35% to 50% credit on qualified expenses relating specifically to post-production in California.
The state’s existing film and TV tax credit program already covers post-production, but only if 75% of filming or the overall budget is spent in the state.The new credit doesn’t require productions to shoot in California.Even if Newsom signs the bill, the program would start small.
Schultz initially proposed $100 million to fund the effort, but the Legislature’s end-of-session budget se...