Governor Jerry Brown has signaled that he will sign off on a deal that would more than triple the tax breaks for movies and TV shows filmed in California.
The bill would boost the tax credits to $330 million a year over the next five years.
While the legislation would significantly increase the incentive pool from $100 million, it’s still well shy of the $450 million in tax credits available in New York.
The agreement between Brown and lawmakers calls for extending the California Film and Television Tax Credit Program for five years, starting in fiscal 2015-16.
The measure would also do away with the current lottery system of handing out tax credits.
Instead, tax breaks would be awarded based on how many jobs the projects will create.
The bill now awaits a vote on the state Senate floor.
Los Angeles Mayor Eric Garcetti has long been pushing for a deal like this, and he spoke with KCRW’s Steve Chiotakis.