The California Film Commission announced Tuesday that spending on productions supported by the state’s film and TV tax credit grew by $153 million last year.
Government spending grew from $2.13 billion in fiscal year 2021 to $2.28 billion in fiscal year ending 2022. The state injected an additional $90 million in tax credits into the program last year.
The commission revealed the numbers in Annual ReportHe expected the number to rise again in fiscal 2023.
As cash poured in from last year’s historic budget surplus, Governor Gavin Newsom raised the tax credit from $330 million to $420 million for the fiscal years ending in 2022 and 2023.
“California’s iconic film industry continues to create opportunity and drive economic growth across our state,” Newsom said in a statement Tuesday. “Today’s report from the California Film Commission confirms that the tax credit program continues to deliver outstanding results and promote diversity and inclusion for the workforce that better reflects our vibrant communities.”
The current tax break is set to expire in 2025. A bill to extend it through 2030 was suspended in August and is expected to be taken up again in the next legislative session.
The commission also released diversity data for the state’s Career Paths Program, an industry training program funded by tax credit recipients. According to the report, 141 participants took part in the program over the first two years. Of those, 31% were Black, 28% were Hispanic, 13% were White, and 4% were Asian Americans. Another 16% did not state their race or ethnicity.
The program was launched in 2020 and is managed by the IATSE Training Trust Fund.
The committee did not publish diversity data for tax credit-supported productions. State law requires that the commission release such data, along with demographic data for the state’s film industry as a whole, every year beginning January 1, 2022.
The commission also revealed that 13 new or redeveloped sound theaters have been certified under SB 144, which provides $150 million in tax credits to stimulate the construction of movie infrastructure.
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