Credits applied against tax liability will retain their full value.
Along with various legislators in Sacramento, Hollywood fav Newsom had previously suggested extending the program five more years.
However, that notion fell by the political wayside last year amidst scrutiny ofincreased diversity amendmentsto the tax-credit system.
Gov. Gavin NewsomGetty Images
Now, its all clearly back on the table.
Colleen Bell, the Newsom-appointed head of the California Film Commission, unsurprisingly says thats a good thing.
This will translate into more production-related jobs, spending and opportunity.
Successful film applicants will be unveiled March 6, and winning TV applicants on April 17.
