California Gov. Gavin Newsom signed a bill on Monday that extends the state’s $330 million tax incentive for film and TV production. The program will be extended for five years through 2030. …
Netflix announced plans to acquire 300 acres at the site last year, along with investing $850 million to transform it into a studio with 12 stages. Lionsgate is also eyeing a new studio facility in Newark, which could also benefit from the expanded incentive.
Under the legislation, the cap on New Jersey’s incentive for studio construction will increase from $350 million a year to $400 million. The incentive for production companies that lease space at New Jersey studios will also increase from $100 million to $250 million a year. Earlier this year, New York expanded its film tax incentive from $420 million annually to $700 million. Texas, where budgets cover two years, increased its film incentive from $45 million to $200 million.
The Nevada Legislature, meanwhile, did not approve a bill to provide up to $190 million a year in incentives to film and TV projects — the vast majority of which would have been used to incentivize two studio projects in Las Vegas.
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