California legislature acts to keep film and TV production at home
By Lisa Richwine California legislature acts to keep film and TV production at home
June 27 - Hollywood's home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday.
The increase from the current $330 million was approved as part of a broader tax bill that is expected to be signed into law by Governor Gavin Newsom in the coming days.
Democrat Newsom had advocated for the boost, a step to help reverse a years-long exodus of production from California to places such as Britain, Canada and other U.S. states that offer generous tax credits and rebates.
Producers, directors, actors and behind-the-scenes workers have warned lawmakers that Hollywood was at risk of becoming the next Detroit, the automaking capital devastated by overseas competition, if current trends continued.
Permitting data showed production in Los Angeles, the location of major studios including Walt Disney and Netflix, fell to the second-lowest level on record in 2024. California has lost more than 17,000 jobs since 2022 from its declining share of the entertainment industry, according to union estimates.
Producer Uri Singer said he shot three films in New York to take advantage of its tax incentives. He received a California tax credit to shoot his current project, a horror flick called "Corporate Retreat," in Los Angeles.
"You can get such good cast and crew that are available that makes shooting in L.A. financially better," he said. "Besides that, creatively you find here anyone you want, and if you need another crane, within an hour you have a crane."
Plus, "the crew is happy because they go home every day," Singer added.
Local advocates applauded California's expansion of tax incentives, though they said more needs to be done.
Writer Alexandra Pechman, an organzier of a "Stay in LA" campaign by Hollywood workers, called on Hollywood studios to commit to a specific amount of spending in California to support creative workers.
"It's time for the studios and streamers to do their part to turn this win into real change for all of us," Pechman said.
Industry supporters also are pushing for federal tax incentives to keep filming in the United States.
Republican President Donald Trump has offered a different way to address the issue. Trump said in May that he had authorized government agencies to impose a 100% tariff on movies produced overseas. The movie tariff has not been implemented.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
3 hours ago
- Indian Express
Squid Game Season 3 ending explained: The truth about Gi Hun's fate, the mystery woman, and all survivors
Squid Game Season 3 wrapped its final run with six episodes dropping on June 27. With that, the Hwang Dong Hyuk directorial—Netflix's most-watched series to date- comes to an end, with no plans for another season. Season 3 picks up right where Season 2 left off, with Gi Hun stepping back into the game. Not for the money, not for guilt, this time, he's here to shut it down once and for all. He had previously led a rebellion against the system, but it failed miserably. His heroic act ended up costing 37 lives, leaving him shattered. He was sent out in a coffin. Now, with nothing left to lose, he's back in the arena with one mission. But the birth of a new baby gives him a glimmer of hope. So here we are, breaking down everything that went down in the finale of Squid Game Season 3. Also read: Squid Game creator Hwang Dong-hyuk hints at spin-off series, shares plot details: 'There is that three-year period' Players are divided into two types: Knives: Must kill a Key to survive. Keys: Just need to stay alive Myung Gi tells Jun Hee he will protect her and the baby, but ends up killing Hyun Ju, who had just helped Jun Hee deliver her baby. Jun Hee's trust is completely shattered. Geum Ja begs her son not to kill Jun Hee and instead kill her, but he leaps towards the newborn and his mother with a knife. Geum Ja stabs him from the back, yes, she ends up killing her own son. Later, she speaks to Gi Hun, telling him to save others and not to lose hope. That same night, she hanged herself to death. Gi Hun loses his mind. He blames Dae Ho for the failed rebellion. Dae Ho had claimed he'd bring back weapons, but he chickened out. So Gi Hun hunts him down and kills him with his bare hands. Players this time have to cross a narrow bridge or fall to their deaths. Jun Hee is badly injured in the leg, so she hands her baby to Gi Hun and trusts him with crossing the bridge with the baby. He promises Jun Hee that he will come back and take her along, but she asks him not to come. She jumps to her death. That way, Gi Hun can live and raise the child. Her baby becomes Player 222, an actual contestant. Also read: Squid Game Season 3 review: Brutal games and bigger moral dilemmas make you pause and reflect Gi Hun is taken to a private meeting with the Front Man (In Ho). He hands Gi Hun a knife and suggests: 'Kill the rest while they're sleeping, and vote to end the Game with the baby.' Gi Hun asks why he's doing this, and then In Ho removes his mask, he's Player 001. He taunts player 426, saying no matter what he does, someone else will always run the Game. But Gi Hun refuses to follow his path and chooses to play the game, leaving everything on faith. Players must cross three towers. To move ahead, one person must die at each level, being pushed down to death. At this point, the only ones left are: Min Su gets voted off first. Player 100 is killed by Myung Gi too. Gi Hun tells the rest, who are planning to push him and the baby, that he won't give up on the baby and will die with him if targeted. So someone from them will have to die in the next level. This causes a rift in the group, who play a game of rock, paper, scissors, slowly, everyone dies. Now, final showdown: Gi Hun vs. Myung Gi. They fight. Myung Gi falls and dies. But no one had pressed the button, so the Game still needs a death. Gi Hun has two choices: either kill himself or the baby. He lays the baby down and chooses to jump. Looks up, knowing the VIPs are watching from their secret room. Then says, 'We are not horses. We are humans. Humans are…'. The Game ends. The baby wins. Jun Ho (the cop from Season 1 and the half-sibling of In Ho, the frontman) tracks down the island again. His brother, In Ho, orders the entire place to self-destruct and escapes with the baby. Six months later, Jun Ho finds the child and Gi Hun's prize money in his apartment. It's clear, the frontman left the baby for his brother to raise, along with the winnings. No Eul, the soldier who saved a contestant, finds out her daughter might still be alive. Gyeong Seok, the father who joined the Game to help his sick daughter, reunites with her. Woo Seok, out of prison, looks to reopen Gi Hun's hotel. Sae Byeok's little brother is finally reunited with their mother. In Ho meets Gi Hun's daughter and hands her his belongings with the winnings. Who is the mystery woman? The most searched question of Squid Game 3 is the cameo of Cate Blanchett. In the final scene, In Ho is in LA, where he sees a woman in a suit slapping down a Ddakji card. Her identity is revealed, she's a recruiter. This sets up a possible spin-off of Squid Game in America. The Games are still going on. Somewhere else. Squid Game Season 3 isn't a happy ending. Gi Hun dies, and the system doesn't exactly collapse. But it triggers changes. We think so.
Hindustan Times
5 hours ago
- Hindustan Times
California legislature acts to keep film and TV production at home
By Lisa Richwine California legislature acts to keep film and TV production at home June 27 - Hollywood's home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday. The increase from the current $330 million was approved as part of a broader tax bill that is expected to be signed into law by Governor Gavin Newsom in the coming days. Democrat Newsom had advocated for the boost, a step to help reverse a years-long exodus of production from California to places such as Britain, Canada and other U.S. states that offer generous tax credits and rebates. Producers, directors, actors and behind-the-scenes workers have warned lawmakers that Hollywood was at risk of becoming the next Detroit, the automaking capital devastated by overseas competition, if current trends continued. Permitting data showed production in Los Angeles, the location of major studios including Walt Disney and Netflix, fell to the second-lowest level on record in 2024. California has lost more than 17,000 jobs since 2022 from its declining share of the entertainment industry, according to union estimates. Producer Uri Singer said he shot three films in New York to take advantage of its tax incentives. He received a California tax credit to shoot his current project, a horror flick called "Corporate Retreat," in Los Angeles. "You can get such good cast and crew that are available that makes shooting in L.A. financially better," he said. "Besides that, creatively you find here anyone you want, and if you need another crane, within an hour you have a crane." Plus, "the crew is happy because they go home every day," Singer added. Local advocates applauded California's expansion of tax incentives, though they said more needs to be done. Writer Alexandra Pechman, an organzier of a "Stay in LA" campaign by Hollywood workers, called on Hollywood studios to commit to a specific amount of spending in California to support creative workers. "It's time for the studios and streamers to do their part to turn this win into real change for all of us," Pechman said. Industry supporters also are pushing for federal tax incentives to keep filming in the United States. Republican President Donald Trump has offered a different way to address the issue. Trump said in May that he had authorized government agencies to impose a 100% tariff on movies produced overseas. The movie tariff has not been implemented. This article was generated from an automated news agency feed without modifications to text.
Time of India
5 hours ago
- Time of India
Could Disney stock surge? Analysts raise price targets after strong earnings
Wall Street Is Getting Bullish on Disney Live Events Disney's Strong Earnings Spark Optimism FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Walt Disney is attracting growing attention from analysts, as several major firms have recently raised their price targets for the entertainment giant, signalling increased confidence in the company's performance and future prospects, as per a the global investment and advisory financial services firm Guggenheim upped its price target for Disney's shares to $140 from $120, as per a report by Benzinga. Guggenheim's analysts have currently rated the entertainment giant's stock as "buy", and the investment firm's target price indicates a potential increase of 15% from the company's previous close, according to a report by Market was among the first to adjust its outlook, raising its price target from $115 to $120 and assigning an 'overweight' rating in a May 8 report, as per Market Beat. That same day, Morgan Stanley echoed the sentiment, also lifting its target from $110 to $120 with an 'overweight' rating, according to the READ: What can fans expect from the new Sonic the Hedgehog and Magic: The Gathering collaboration? UBS Group followed suit, boosting its target price from $105 to $120 and issuing a 'buy' rating, while Loop Capital went a step further, upping its estimate from $125 to $130 in a June 10 report and maintaining a 'buy' rating, according to the Market Beat Securities also weighed in, increasing its target from $135 to $140 on June 3 and giving Disney a 'buy' rating, which matches Guggenheim's latest move to the same $140 target, as per the Market Beat the broader analyst consensus paints a fairly optimistic picture, and according to the data compiled by Market Beat, six analysts currently rate Disney a 'hold,' while 17 say 'buy,' and two have gone as far as to label it a 'strong buy' for Disney stock, as per the report. As per Market Beat's analysis, the average price target across all firms now sits at $124.79 and has an average rating of "Moderate Buy", suggesting analysts see more upside ahead for Disney stock, according to the READ: UVA's Jim Ryan resigns under DOJ heat — who is the University of Virginia president at the center of the storm? The increase in price target comes after Walt Disney posted better-than-expected earnings for the quarter ending May 7, giving investors more confidence in the company, as per the Market Beat posted $1.45 earnings per share for the quarter, above the consensus estimate of $1.21 by $0.24, according to the report. The entertainment giant also reported a revenue of $23.62 billion for the quarter, which beat analysts' expectations of $23.15 billion, as reported by Market Beat. Equities research analysts have predicted that Walt Disney will report 5.47 earnings per share for the current year, according to the Market Beat READ: Pornhub, XNXX in panic? US Supreme Court ruling lets states crack down on online adult content access Guggenheim and Rosenblatt both set it at $ currently sits at $124.79, according to MarketBeat.
