Governor Newsom Signs $750 Million Film and TV Tax Credit Expansion to Restore Thousands of California Jobs

37 posts • GPT (4.1 mini)

Updated Jul 3, 2025, 01:15 AM

California lawmakers have approved a substantial expansion of the state's Film and Television Tax Credit Program, increasing its annual funding from $330 million to $750 million. This legislative move, championed by Governor Gavin Newsom, aims to revitalize Hollywood's film and TV production industry by making California more competitive against other U.S. cities and overseas locations. The expanded tax credit is expected to restore between 4,400 and 5,500 production jobs and support thousands of small businesses connected to the industry.

Governor Newsom emphasized the state's commitment to maintaining California as the birthplace and ongoing home of film and television production. The measure passed by a wide margin in the Democratic-led legislature and includes provisions to benefit both major studios and independent productions. This initiative is part of a broader budget agreement that also involves scaling back free health care for undocumented immigrants. The governor officially signed the legislation in early July 2025, marking a significant effort to keep production and related employment rooted in California.

More breaking stories on DeepNewz — updated live.

#California #Gavin Newsom #Hollywood #Newsom

Financial Analysis

Associated Financial Markets

More financial news and market updates→

Related Prediction Markets

Gavin Newsom out as California Governor in 2025?

•

Sources

variety.com(8)abc7news.com(5)thewrap.com(5)hollywoodreporter.com(4)

NBC Los Angeles

@NBCLA

Gov. Newsom said the state will set aside $750 million – instead of the previous $330 million — to give tax credit to more TV and film studios, including independent productions.

The Hollywood Reporter

@THR

“The world we invented is now competing against us,” Gov. Gavin Newsom said in unveiling $750 million in Hollywood tax incentives to film in California