California’s Newsom Doubles Film Tax Credits to Revive Hollywood

California aims to more than double annual tax credits for film and television production in the state to about $750 million, Governor Gavin Newsom said Sunday at a media event in Los Angeles.

“We needed to make a statement and do something that was meaningful,” Newsom, a Democrat, said at Raleigh Studios in Los Angeles, describing the recent decline of content production in California as a crisis. Michael Hackman, whose Hackman Capital Partners owns the Raleigh location and services 600 stages around the world, said the augmented rebates were “a good start.”

The increase from about $330 million is subject ...