Thursday, November 30, 2023

California Pumped Nearly $100 Million In Tax Credits Into Two Harmful TV Series: "13 Reasons Why" And "Euphoria"

While Gavin Newsom locked down K-12 public schools, forcing students into remote learning from home, two harmful television series were airing - funded with $94.2 million from California's Film and TV Tax Credit program.

"13 Reasons Why," seasons 1-4, produced by Paramount, received $45.8 million in reserved tax credits.

"Euphoria," the pilot and seasons 1-3, produced by Warner Brothers, received $48.4 million in reserved tax credits.

Although "13 Reasons Why" was last selected for its tax credits while Newsom was Lt. Governor, "Euphoria" received its last tranche of credits while Newsom was governor and will air in 2024.

The state of California runs a $330 million annual tax credit program through the California Film Commission, intended to incentivize filmmakers to produce their projects in the Golden State.

Netflix, one of the biggest winners of California tax credits, previously told shareholders that it has more credits than it can use, and lobbied for credit refundability.

Since the 3.0 iteration of the program started, the company has been allocated nearly $180 million in tax credits. 

https://openthebooks.substack.com/p/california-pumped-nearly-100-million?utm_source=post-email-title&publication_id=775254&post_id=139268312&utm_campaign=email-post-title&isFreemail=true&r=1mr4m3&utm_medium=email

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