Gov. Gavin Newsom (D-CA) touted the $750 million tax credit for film and television made in his state, calling it a “big part” of the “renewal” for Los Angeles. Newsom’s signature doubles the current tax credit of $330 million.

Newsom said the bills, which he signed Monday night, are the most consequential housing reform in recent California history.

California Governor Gavin Newsom approves a boost to the state's Film and Television Tax Credit Program, now totaling $750 million, potentially generating $1.1 billion in economic output and 6,700 jobs.