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California Governor Edmund G. Brown Jr. announced Wednesday a deal to extend California's 100 million dollars Film and Television Tax Credit Program to 330 million dollars per year.
The new tax credit program will replace the current annual lottery allocation system and allow more big-budget movies and TV productions made in California to be eligible for credits.
Under the new program, applicants will be ranked according to net new jobs created and overall positive economic impacts for the entire state.
Los Angeles Mayor Eric Garcetti hailed the announcement as a "success for California's middle class," adding that it would help Los Angeles hang on to its standing as the entertainment capital of the world.
The planned increase will run for five years, starting next year. It has been agreed by legislature and now awaits a vote on the state Senate floor.
The tax incentive was instituted in 2009, which aims to attract runaway film and TV productions and create employment in the area.
