California Governor Gavin Newsom announced on June 23 that a group of film projects selected by the California Film Commission, produced by major studios or independent units, will receive financial support from the state’s latest round of tax credit program.
In his statement on the 23rd, Newsom stated that this funding initiative will support the thousands of behind-the-scenes workers and boost the local economies that rely on the film industry.
Last year, Newsom proposed increasing the annual budget of the tax incentive program from the current $330 million to $750 million to retain filmmakers in California, however, this proposal is still awaiting approval from the state legislature.
According to the Governor’s office estimates, these projects involve 48 films, expected to generate a total of over $664 million in economic output in California, with more than $302 million going towards paying the wages of California workers.
Among the selected projects are 43 independent films, expected to hire 6,515 actors and crew members, as well as 32,000 extras, with a total filming duration of 1,346 days. Six of the independent films have budgets exceeding $10 million, including “Gold Mountain,” “The Teller,” and “They Follow,” planning to shoot outside the Los Angeles area.
Five films by major production companies have qualified for tax credits, including Sony Pictures’ “One of Them Days Sequel,” which is expected to bring an investment of over $39 million to California.
According to the Governor, over half of the mentioned films will be shot in the Los Angeles area. Other filming locations in Southern California include San Bernardino County, Riverside County, and Costa Mesa.
According to a report from the Milken Institute released in May, due to insufficient incentives, cumbersome regulations, and high living and operating costs in California, many filmmakers have been shifting production to other states or overseas. ◇