Ang Lee project among 48 features approved for California tax credits

48 features including sequels with the new Ang Lee project One of themhas been approved for California tax credits in the latest round of the latest approval by the California Film Commission (CFC).

The project is expected to generate a total of $664 million in spending across the state, according to the CFC.

More than half of the film is scheduled to be filmed in the Los Angeles area, and the film industry is struggling to recover from the 2023 actors and writers’ strikes and wildfires this year.

Of the newly approved $10 million independent projects under the state’s Film and Television Tax Credit Program, it plans to film primarily outside the Los Angeles area – Gold MountainLee will be directing for the fifth season. Based on the American Gold Rush novel How many of these hills have goldthe project is expected to have qualifying expenses of $27.3 million.

They continuefollow-up of writer-director David Robert Mitchell, his 2014 horror hit for neon That continuesis expected to make qualifying expenses of $14.3 million.

Another 37 independent projects with budgets of less than $10 million have also been approved for credit.

Five studio features approved include a sequel to the recent comedy hit Sony Pictures One of them (It was filmed in Los Angeles in itself). The sequel produced by Issa Rae is It is projected to make qualifying expenses of more than $39 million.

California’s Film and Television Tax Credit Program is currently funded at $330 million a year, but Governor Gavin Newsom has proposed increasing the funds to 750 beans per year. However, while the increase still needs to be fixed as part of California’s 2025-26 budget, lawmakers are under pressure to cut state spending.

In a statement released in approval of the latest tax credit, “California has by chance not achieved its role as the centre of the entertainment world. It was built for generations by skilled workers and creative talent. Today’s awards continue this legacy, with cameras moving at home, supporting the local economy and supporting the local economy.

CFC Director Colleen Bell added: “This industry is at the heart of California’s creative economy, and keeping production here is more important than ever. This tax credit demonstrates its commitment to supporting both indie and studio productions while spreading the economic benefits of filming across the state.”