Senator Portantino Applauds Governor Newsom’s Proposal to Extend Film & TV Tax Credits

Sen. Anthony Portantino, who represents Pasadena in Sacramento, released a statement regarding Governor Newsom’s 2023-24 State Budget proposal.

In a bid to compete with other states, Gov. Gavin Newsom is seeking to make California film and television tax credits refundable.

Newsom unveiled the proposal in his proposed budget, released on Tuesday. If approved the current tax credit program would be extended five more years. 

According to the proposed budget, $330 million would be earmarked for film and TV tax incentives through Fiscal Year 2031. All applicants to the tax credit program could be entitled to receive refundable tax credits.

“I am immensely grateful that the Governor included an extension of the Film and Television Tax Credit Program for five years beginning in 2025-26,” Portantino said. “This has long been an important program for my constituents because of the economic benefits the program provides to the Los Angeles region and California as a whole.” 

“Last year, I authored SB 485 to extend the Film and Television Tax Credit Program until 2030 and based on negotiations with the Governor and his team, I held the bill so that details could be included in this year’s budget. I appreciate the Governor’s commitment to this issue, which will continue to bring union jobs back to California from states that do not reflect our values and I thank him for collaborating with me on its extension.”