California Gov. Gavin Newsom on Friday signed into law a bill aimed at reducing Hollywood’s exposure to recent business tax credit caps legislation. In a visit to Warner Bros. Studios the governor gave the green light to SB 186, which exempts independent productions from caps on the use of state tax credits that this year were not only extended, but also rendered permanent as of 2030. SB 186 additionally offers new perks for productions that choose to monetize their tax credits instead of applying them to their annual tax bill: Productions can now monetize 95 percent of the credits instead of the previous 90 percent. Their payout…
