Section 17053.85 of the Revenue and Taxation Code provides a non-refundable income tax credit to a qualified taxpayer for qualified expenditures attributable to the production of a qualified motion picture, independent film, television show, etc., in California that is allocated and certified by the California Film Commission (CFC). SB 144, signed by the governor July 21, 2021, increases the credits that may be allocated for the 2021-2022 and 2022-2023 years and creates a new credit for the production of a motion picture where the taxpayer has constructed or renovated a soundstage certified by the CFC. Additional credit may apply if diversity goals are met. Starting with fiscal year 2025-26 a fourth version of the film credit will be available for five years and will be refundable, albeit at a discounted rate. For more information on the film credits visit the FTB Website and search Film Credits; also see California Form 3541 and its instructions.