What's Happening?
The California Film Commission is set to notify TV producers about the approval of their projects for tax credits, marking the first allocations since the state expanded the Film & TV Tax Credit Program in July. This follows the previous allocation of nearly $40 million to projects by Dan Fogelman and Ryan Murphy in June. Murphy's adaptation of 'The Shards' at FX will receive $17.9 million, while Fogelman's NFL drama will get $20.8 million. These projects represent significant incentives, with more than $190 million in combined qualified expenditures. The commission has also approved tax credits for other series like 'Mr. & Mrs. Smith', 'The Pitt', and 'NCIS: Origins'.
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Why It's Important?
The expansion of the Film & TV Tax Credit Program is crucial for the television industry in California, which had been struggling due to limited funding. By increasing the funding, the state aims to attract more productions, thereby boosting local employment and economic activity. The tax credits help offset production costs, making California a more competitive location for filming. This move is expected to benefit both new and returning TV series, ensuring a diverse range of projects can be produced in the state.
What's Next?
The California Film Commission will continue to allocate tax credits to various TV projects, including new, relocating, limited, and recurring series. The recent legislative changes require TV series to return to production within 18 months to guarantee continued funding, which may influence production schedules and decisions. The commission's actions will likely encourage more producers to consider California as a viable filming location, potentially leading to an increase in the number of projects filmed in the state.
