Newsom Gets Film Tax Boost, SALT Extension in Budget Agreement

California lawmakers agreed Monday on a $232 billion annual budget for the next fiscal year that includes Gov. Gavin Newsom’s (D) requests to boost funding for the film and television tax credit and extend the state workaround for the federal state and local tax deduction cap.

The agreement sets the stage for the Senate and Assembly to approve the budget framework in an appropriations bill (S.B. 101) in time to meet their June 15 deadline, but many of the policy details are yet to be worked out with the governor, legislative leaders said on Monday. Both houses are ...