The 2023-24 Budget: California's Film Tax Credit

Feb 28, 2023 - The state had expected to issue a total of $800  million in credits under the first version of the program. Of that amount, the CFC issued a total $646  million in tax credits. This amount is less than expected because some productions (1)  were never made, (2)  did not complete production on time, or (3)  spent less on qualified expenses than anticipated.
https://lao.ca.gov/Publications/Report/4713

Evaluating State Economic Stimulus Proposals

Feb 1, 2021 - We found that the $ 800  m illion program may have increased the state ’s economic output by between $ 6  b illion and $ 10  b illion over ten years. Our report also highlighted key areas of uncertainty and additional factors the legislature should consider beyond the bottom line economic results of the analysis —such as opportunity costs and the policy objective of the program which was to strategically counter aggressive film tax credits offered by other states.
https://lao.ca.gov/Publications/Report/4331

The 2021-22 Budget: Business Tax Incentives

Jan 28, 2021 - In 2019, only about one ‑quarter of the state corporation taxpayers owed more than the $ 800 m inimum franchise tax. Like all of the state ’s business tax credits, California Competes credits are not refundable.
https://lao.ca.gov/Publications/Report/4327