Income taxes: credits: Share Our Values Tax Credit.

The Personal Income Tax Law and the Corporation Tax Law allow a motion picture credit for taxable years beginning on or after January 1, 2020, to be allocated by the California Film Commission on or after July 1, 2020, and before July 1, 2025. Existing law allows a credit in an amount equal to 20% or 25% of qualified expenditures up to $100,000,000 for the production of a qualified motion picture in this state, with additional specified credit amounts allowed. Existing law limits the aggregate amount of these new credits to be allocated in each fiscal year to $330,000,000 plus, among other amounts, the amount of any unused credit amounts for the preceding fiscal year. This bill, for taxable years beginning on or after January 1, 2020, would allow an additional tax credit, for qualified motion pictures in the same manner as described above, with modifications including revising the definition of "qualified motion picture" to mean a qualified motion picture that either relocated to California from, or chose not to pay or incur qualified expenditures for a qualified motion picture in, a state that has pending legislation or existing law that prohibits access to, criminalizes the provision of, or otherwise restricts a woman's access to abortion services after 8 weeks from the beginning of the pregnancy or earlier and would limit on the aggregate amount of these new credits to be allocated in each fiscal year to $50,000,000 plus additional specified amounts. This bill would take effect immediately as a tax levy.