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Newsom’s Hollywood tax credit blunder just the latest mistake

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Gavin Newsom has a long record of blunders, from the French Laundry to the Train to Nowhere. The latest is the Hollywood tax credit, which he canceled by mistake.

The story began last year, when the governor signed AB 1138, the California Film & Television Jobs Act. It more than doubled the state’s tax credits for Hollywood productions, from $330 million per year to $750 million per year. 

The state is under pressure to compete with other states and countries that have lower costs and generous benefits for film and TV productions. New Jersey, for example, generally a high-tax state, offers $430 million per year in tax incentives for Hollywood studios. That has put the Garden State on the entertainment industry map — even as it has cost the Golden State jobs.

Earlier this month, Newsom touted the success of the expanded Hollywood tax credit, claiming that it would bring $6.6 billion in economic benefits.

However, what he granted with one stroke of a pen, he took away with another.

Newsom’s budget for the next two years........

© New York Post