Newsom’s Proposes $420M New Subsidy for Hollywood Amid California Budget Cuts

California Gov. Gavin Newsom announced his plan to more than double the state’s tax credits for film and television, aiming to raise the refundable credit by $420 million. The state’s own studies have found half of the projects that apply for but don’t get film subsidies end up staying anyway. In 2023, Newsom made the program a refundable credit, meaning that if the credits exceed owed taxes, a recipient gets cash from the state.