California Lawmakers Pass Film Credit Fix on Tax Cap

By Gene Maddaus

Gene Maddaus

Senior Media Writer

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The California Legislature has approved a budget fix for the entertainment industry that allows studios to cash in their tax credits faster.

Both the Assembly and state Senate passed the bill, SB 186, before the end-of-session deadline of midnight on Monday.

The measure seeks to address concerns raised by Hollywood stakeholders after the Legislature imposed a $5 million annual cap on corporate tax credits in June. The Motion Picture Association and the Entertainment Union Coalition argued that the cap would undercut the state’s $750 million incentive for film and TV production.

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