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California's Film & Television Tax Credit Program, which was originally created when Mayor Bass served as Speaker of the California State Assembly, has generated tens of billions of dollars in investments while creating nearly 200,000 jobs

LOS ANGELES - Los Angeles Mayor Karen Bass today joined Governor Gavin Newsom and other state and entertainment industry and labor leaders in unveiling a historic expansionof California's Film and Television Tax Credit Program, which was originally created when Mayor Bass served as Speaker of the California State Assembly. The proposal would expand the program to $750 million annually, a massive increase from the current $330 million annual allocation. This ambitious announcement would position California as the top state for capped film incentive programs, surpassing other states like New York.

"Hollywood is the cornerstone of this city and our economy and our message to the industry today is clear - we have your back," said Mayor Bass."When I was Speaker of the California State Assembly, I worked to support leaders like now-Councilman Paul Krekorian to create the film tax credit. Despite the economy being in a difficult spot, we knew that the industry needed support, and if we could at least start the program, then we could grow it. Today I'm proud to stand with Governor Newsom and industry leaders to continue this important work supporting this legacy industry."

"California is the entertainment capital of the world, rooted in decades of creativity, innovation, and unparalleled talent," said Governor Newsom."Expanding this program will help keep production here at home, generate thousands of good-paying jobs, and strengthen the vital link between our communities and the state's iconic film and TV industry."

This follows urgent local action taken by Mayor Bass to support the entertainment industry:

• Established an Entertainment Industry Councilto draw on the expertise of industry leaders to act on reversing this trend and to keep production local

• Supported the industry workforce, streamlined studio projects and strategized on policy that keep production and jobs in Los Angeles through Executive Directive 8

• Created new studio and sound stage concierge services, which cut red tape and provide direct assistance with city departments. The program has helped 7 new studios and sound stages. In addition, 8.1 million square feet of soundstage, media production, and associated creative office space are in the pipeline within the City.