The California Film Commission’s annual report on production tax-credit incentives shows $2 billion in losses since 2010.
The state of California has lost $2 billion in production spending since 2010, according to a report by Variety. That figure comes from the California Film Commission, which just released its annual report on the state’s production tax-credit incentives.
The report includes an analysis of the fate of the hundreds of projects that applied for the credit but were denied via the commission’s lottery system.
It showed that in the most recent fiscal year, the 326 projects that failed to receive the credit went on to spend $211 million in California, and an eyebrow-raising $1.02 billion -- or 83 percent of their total spending -- outside the Golden State.
“The report just reinforces what we hear every day,” California Film Commission executive director Amy Lemisch reportedly said. “Incentives are among the most important factors in where a project is shot.”