California hits record high for tax credit applications
California’s Film and TV Tax Credit Programme has registered a record number of applicants in just one day.
Submissions were accepted on Monday (2 June) from 9am-3pm for the $100m round of rebates under the Program, which was established in 2009 in a bid to increase production spending and stem the flow of projects migrating to other states.
So far, applications are up by over 30% on last year, with a total of 497 submissions being registered and 23 initially selected through a lottery system, which chooses productions at random. The rest are on a waiting list, ready to be bumped up should another project fall through.
“This year’s dramatic growth in the number of applications reaffirms that California remains the preferred choice for projects of all types and sizes,” said California Film Commission executive director Amy Lemisch. “The industry wants to base productions in California and the availability of incentives helps drive that activity.”
The news comes less than a week after the State Assembly unanimously passed the bill to extend and increase the existing tax credits, a major boost which now sees the potential new legislation pass to the State Senate.
For more on filming in California, take a look at our production guide.