Newsom Asks Trump to Work With Him on $7.5 Billion Tax Credit for Hollywood
California Governor Gavin Newsom is calling on President Donald Trump to work together on a proposed $7.5 billion tax credit for the entertainment industry in Hollywood. The tax credit, which would be the largest ever proposed for the film industry, aims to incentivize production companies to keep their business in California and boost the state’s economy.
Newsom has been a vocal advocate for the entertainment industry, which has faced increasing competition from other states and countries offering generous tax incentives to lure productions away from California. The governor believes that by offering a substantial tax credit, California can remain competitive and continue to be a hub for film and television production.
In a letter to President Trump, Newsom highlighted the importance of the entertainment industry to California’s economy, noting that it generates billions of dollars in revenue and supports thousands of jobs. He emphasized that the proposed tax credit would not only benefit Hollywood, but also small businesses and workers in related industries.
Newsom’s call for collaboration with the Trump administration comes at a time when the two leaders have often clashed on various issues. However, the governor is hopeful that they can find common ground on the proposed tax credit, which he believes will be mutually beneficial for both California and the country as a whole.
It remains to be seen whether President Trump will agree to work with Newsom on the $7.5 billion tax credit for Hollywood. However, the governor is determined to fight for the film industry and ensure that California remains a top destination for productions. With the potential to create thousands of jobs and stimulate economic growth, the proposed tax credit could be a game-changer for Hollywood and the state of California.