Newsom signs SB 186 exempting independent films from credit cap

Governor Gavin Newsom signed SB 186 to exempt independent films from California's $5 million corporate tax-credit cap, Variety reported. The law cuts the wait for refundable credits, where the state pays any balance left after tax is owed, from five years to two years, Variety reported. Old non-refundable credits now last 15 years, up from nine.