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A San Francisco supervisor has proposed growing the town’s movie and tv tax credit score to lure extra productions to the Bay Space.
Board President Rafael Mandelman launched laws Tuesday that will create a tiered rebate system primarily based on native spending on gadgets like San Francisco resident wages, providers or items.
For instance, eligible productions might obtain a ten% rebate on certified native spending of as much as $1 million. A undertaking with native spending above $1 million might qualify for a 20% rebate.
“As localities throughout the state compete to draw extra movie manufacturing, San Francisco should keep within the sport,” Mandelman mentioned in an announcement. “Strengthening our movie incentive program will preserve jobs in San Francisco and assist guarantee this essential financial exercise doesn’t bypass us.”
The laws is anticipated to go to a committee listening to subsequent month.
Although San Francisco’s manufacturing incentive was established in 2006, this system has been “underutilized,” mentioned Supervisor Connie Chan, who’s co-sponsoring the laws.
“I assist this legislative replace so we are able to guarantee the unique intent and advantages of this system might be totally materialized,” she mentioned in an announcement. “I anticipate the movie rebate program to ship sturdy job alternatives for employees, artistic promotion of our Metropolis by way of movies that can enhance tourism and enhance gross sales tax income with movie trade spending.”
San Francisco’s incentive proposal comes 5 months after California elevated the cap on the state’s movie and tv tax credit score program in an try and curb runaway manufacturing to different states and international locations.
California now allocates $750 million yearly to this system, up from $330 million. Legislators additionally broadened the kind of productions eligible to use for the credit score.
Since then, greater than three dozen TV reveals, together with a “Baywatch” reboot, and 52 movies have been awarded tax credit.
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