If Governor Gavin Newsom decides to sign a bill attempting to lure more postproduction work to California, $10 million has been earmarked to launch the effort, The Hollywood Reporter has learned.
The news arrives after SB 2319, a bill aiming to support post work on projects that currently aren’t incentivized by California, passed the state legislature on Sunday. The state Senate voted to advance the bill, carried by Assemblymember Nick Schultz, with 65 members in support and two in opposition.
The legislation aims to complement existing support in California for postproduction. Projects that shoot in the state are already eligible to receive tax credits for this stage of the filmmaking process, but SB 2319 would open up qualification to projects that don‘t complete their physical production in California or don‘t receive production tax credits in the state. Movies and TV shows that locate work including editing, VFX, sound mixing and scoring in California would receive a 35 percent base tax credit if the bill is signed into law.
Though it remains a tight budget year for California, $10 million would be allocated to support the postproduction tax credit if Newsom signs on, Assemblymember Schultz told THR on Monday.
