UPDATE, 10:15 AM: The bill has officially been introduced as AB 1839 (read it here), and the final count is 59 co-sponsors alongside Gatto and Bocanegra.
PREVIOUS, 8:23 AM: There’s no dollar figure attached yet, but a bill set to be introduced today in the California Assembly aims to overhaul the state’s current $100 million Film and TV Tax Credit program. Joint-authored by Assemblymen Mike Gatto (D-Los Angeles) and Raul Bocanegra (D-Pacoima), with more than 50 co-sponsors from both sides of the aisle, the new legislation would give blockbusters with budgets of more that $75 million and 1-hour network TV shows and pilots a piece of the pie in the annual lottery in an effort to keep more productions in the state. In the current program, those categories are not eligible for incentives — a source of contention among the studios and networks and often cited as a large reason has fled from Hollywood. The widely anticipated Gatto-Bocanega effort also would propose a 5-year footing to run from 2016-2021 as opposed to its current 2-year extensions settings. Additionally, in a move that won’t please LA Mayor Eric Garcetti but is meant to keep Norther California legislators happy, there’s a 5% credit for production filmed outside L.A. Although left blank for now, sources tell me that the dollar figure being touted by supporting politicians and the industry is $400 million as the legislation now heads to committee. While that would be a big increase from the current program, which was established in 2009, and closer to New York state’s nation-best $420 million-plus incentive, the proposed figure is likely to be whittled down as real politicking takes over.