CNN —The state of California is about to give movie and TV studios a new lucrative tax perk.
The new, refundable tax credits come as competition for film and TV production from other states and countries is on the rise.
In a 2020 SEC filing, Netflix said it had $250 million in California R&D tax credits — far more than it could use.
In addition to refundable tax credits and stricter safety standards, the bill establishes specific diversity requirements.
The bill also adds a new member to the state’s film commission with diversity, equity, and inclusion expertise.
Persons:
Gavin Newsom’s, Newsom, Alec Baldwin’s, Wendy Carrillo, ‘ Rust, Dave Cortese, Baldwin, Halyna Hutchins, ” Cortese, Carrillo, ”, Chris Hoene, that’s, Hoene, ” Carrillo, “
Organizations:
CNN, Netflix, SEC, Disney, Comcast’s Universal Studios, Democratic, Warner Bros, Warner Bros ., Hollywood, Guild of America, SAG, WGA, California Budget, Policy Center
Locations:
California, States, New York, Georgia, Angeles County, Los Angeles