Gavin Newsom’s Hollywood Bailout
Gov. Gavin Newsom championed a record $750 million annual California Hollywood tax credit expansion, but his own budget proposal subsequently undermined the program, creating a political crisis that Sacramento lawmakers are now working to resolve.
Key Points
- Newsom expanded the Hollywood tax credit to $750 million annually, marking a record high for the program
- The governor's budget proposal contradicted this expansion by effectively limiting the program's funding
- Over three dozen California lawmakers, including senior Democrats, are involved in efforts to fix the budgetary inconsistency