Gov. Jerry Brown will sign the legislation to extend and expand California’s movie and TV tax credit, more than tripling its size to $330 million annually.
Ceremonies have been set for Thursday morning at TCL Chinese Theater. Mayor Eric Garcetti and the bill’s principal co-authors, Assemblyman Raul Bocanegra and Assemblyman Mike Gatto, are set to attend.
Brown reached a deal with legislative leaders on Aug. 27, setting a $330 million annual outlay that’s less than the $400 million-per-year sought by Bocanegra and Gatto. But it’s a massive improvement from the $100 million per year currently awarded in California tax credits.
The deal reached between Brown and Senate and Assembly leaders also extends the program through 2019-20, an additional year beyond the latest version of the legislation. The new program would start in fiscal year 2015-16.