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California State Treasurer Warns Studios of Potential Tax Credit Losses Without Return to Bargaining Table

A five-year renewal of California’s $330 million per year Film and TV Tax Credit Programme was just approved by Governor Gavin Newsom last week.

State Treasurer Fiona Ma Warns of Potential Disappearance of Tax Credit Amid Hollywood Strikes

Fiona Ma, the state treasurer, who had earlier lobbied for the extension of the tax benefits, is now threatening. That if studios don’t make progress in settling the Writers Guild of America and SAG-AFTRA strikes, those credits may disappear.

State Treasurer Fiona Ma, who is also a member of SAG-AFTRA, recently discussed the broader economic consequences of the Hollywood industry’s shutdown. In an interview with KNX News’ Charles Feldman, Ma emphasized that the economic impact reaches beyond the entertainment industry and affects the entire state. This article explores Treasurer Ma’s insights and the significance of Hollywood’s shutdown on California’s economy as a whole.

“Thousands of individuals have lost their employment, including ancillary workers in addition to performers and authors. Right, all the individuals who depend on this industry, including small enterprises, hotels, caterers, and other businesses, are currently losing money, she added. “How will they cover their rent? How are they going to pay for their vehicle and mortgage? It will eventually trickle down to a larger pool, I mean.

State Treasurer Fiona Ma Calls for Political Will to Address Film Tax Benefits Amidst Contract Impasse

Removing the film tax benefits, according to Ma, would need “a little political will.” She does, however, think that support for the concept would come from the state senate and assembly.

This year, she explained, “we’re going to have a deficit, so the state could use the money and reallocate it for other purposes.” But in California, filmmaking has always been a tradition and still is. In order for us to collectively resume our work, we want everyone to return to the table.

Ma expressed her annoyance at the impasse in the contract discussions. Monday during a hearing for the California Public Employees Retirement System. According to Ma, the public employee pension fund CalPERS has $6.7 billion invested in six major Hollywood studios.

“I’m sure the [CalPERS] board members are starting to grasp the economic impact and our purchasing power, right? We must follow through on what we say, she remarked. We want to collaborate with companies who share our commitment to building up California, not tearing it down.