Newsom signs California's first standalone post-production tax credit

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Set us as preferred In another push to revitalize California’s film and TV industry, Gov.Gavin Newsom on Saturday signed the state’s first standalone post-production tax incentive.The new incentive is aimed at bringing back jobs for the industry’s editors, sound mixers, composers and visual effects artists.

It will allow a 35% to 50% credit on qualified expenses related specifically to post-production work done in California, and unlike the state’s existing film and TV credit, it doesn’t require productions to shoot here.“This legislation protects the extraordinary people who make this industry possible and makes it unmistakably clear: California is still the future of film and television,” said Gov.

Newsom in a statement.“We have the talent.

We have the infrastructure.”The bill, AB 2319, was authored by Assemblymember Nick Schultz (D-Burbank) and introduced earlier this year.It cleared the state Senate 33 to 5 on Aug.

30, and the Assembly approved the final version 72 to 2 the same day.Schultz originally sought $100 million for the program.

It is expected to start in January with $10 million, according to the Assemblymember Schulz’s office.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.“It’s a historic moment for California’s post-production community.But it’s also just the beginning of what we really need to do to to fight for our industry,” said Marielle Abaunza, president of the California Post Alliance, a group advocating for the bill.

She said the group is readying its strategy to get more funding for the program next year.As Hollywood productions continue chase tax credits to other states and countries, much of...