California is proposing to expand its film and TV tax credit to at least $1 billion

What happened: California Gov. Gavin Newsom is proposing to expand the state's film and TV tax credit and extend the program through 2040. Key numbers: Annual credit would rise from $750 million to at least $1 billion; program extended through 2040. Why it matters: The proposal would increase the incentive available to film and TV productions in California and keep the program running for more than a decade.

California Gov. Gavin Newsom is proposing to expand the state's film and TV tax credit and extend the program through 2040.

The proposal would increase the incentive available to film and TV productions in California and keep the program running for more than a decade.