Newsom proposes raising California's annual film and TV tax credit to at least $1 billion

California Gov. Gavin Newsom has proposed raising the state's annual film and TV tax credit from $750 million to at least $1 billion. His plan would extend the program through 2040, reserve $100 million annually for independent productions and make above-the-line costs eligible, subject to funding caps. It would also offer a 5% credit boost for companies committing to at least two qualifying California productions. These changes are proposals, not current benefits.