California Lawmakers Reach Deal to Amend Production Tax Incentive Ahead of Deadline

California lawmakers have unveiled a new trailer bill that will make changes to the state's expanded production tax incentive program after a law capping annual tax credits for all businesses passed earlier this summer. On June 29, Senate Bill 122 was passed into law by Gov. Gavin Newsom as part of the state's annual budget, capping the amount of tax credits any business can receive at $5 million or 70% of total liability per year, whichever is greater. The bill was passed as a way to raise revenue from corporate taxes by closing loopholes. But SB 122 sparked alarm among studios and . . .