The state of California is about to give movie and TV studios a new lucrative tax perk.
A bill awaiting California Gov. Gavin Newsom’s signature would extend the state’s tax incentive program for film and TV productions for five years but with a key update: Studios with more tax credits than they can use will be able to exchange those credits for cash. The bill, part of the state’s overall budget plan, was passed by California legislators on Tuesday, and Newsom is expected to sign it on Friday.