Gavin Newsom wants California to more than double a tax credit for the entertainment industry, despite its overstated value to the economy.
Gov. Gavin Newsom holds a press conference to announce the expansion of the Film & Television Tax Credit Program in Los Angeles on Oct. 27, 2024. The annual $750 million tax incentive program is designed to stimulate movie and TV production in California. Photo by Ted Soqui, SIPA USA via AP Images
These corporate moves, large and small, are indices of business climate and should draw closer scrutiny from news media and officialdom, but rarely surpass a glance. Gov. Gavin Newsom’sHowever, there is one very obvious exception to that hands-off position: the Southern California entertainment industry, which complains constantly that California isn’t doing enough to maintain production, pointing to lavish subsidies in other states and nations.Nevertheless, filmmakers continued to whine.
The film industry and its allies produce self-serving studies that project huge economic benefits from production. In reality it’s a tiny component of California’s $3.6 trillion economy, about 125,000 jobs in a state with more than 18 million employed workers.
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