Under SB 144 (Ch. 21-114), for taxable years beginning on or after January 1, 2022, and before January 1, 2032, the Soundstage Filming Tax Credit Program allows a tax credit in an amount equal to 20% or 25% of qualified expenditures for the production of a qualified motion picture in California at a certified studio construction project.
The California Film Commission announced via a production alert that it is now accepting applications for the Soundstage Filming Tax Credit Program. (California Film Commission Production Alert – Soundstage Filming Tax Credit Program (June 8, 2022)) The production alert also summarizes key factors of the program:
- The program has no jobs ratio ranking process;
- Applications are accepted on a first come, first served basis;
- $150 million is to be allocated under the program;
- Projects must submit diversity workforce plans; and
- A project will receive the amount of tax credits per its approval letter, but in no event more than $12 million.