Today, October 27, 2024, a major announcement was made at an event being hosted at Raleigh Studios in Hollywood. The bottom line is that the production tax credits are being roughly doubled in order to boost the industry here in the Los Angeles area. (The majority of our clients are located in the LA area, so this will have an impact on our client base and on our company as well.)
The tax credit increase must be approved by the state legislature, which happens in July of 2025.
Applications for the tax credits are next opening in January of 2025 with winners being announced in March of 2025. So that will likely translate into more work likely mostly hitting in April and beyond. The new amount will likely affect the industry after the legislature approves the budget in July.
The event was covered by Variety and their article contains more details:
Gavin Newsom Unveils Plan to Boost State’s Film Incentive to $750 Million
Preliminary details from before the event can be found in this Deadline article: