California legislative leaders have accepted Gov. Gavin Newsom's proposal to more than double the film and TV credit, in a win for the industry.

The measure will secure $750 million in funding for the state's ailing film industry, more than doubling its previous total.

The news that Tinseltown has been waiting to hear has finally come: California lawmakers have approved Gov. Gavin Newsom’s proposal to allocate $750M annually to the Film & TV Tax Credit Program. Deadline understands that a formal vote will be held Friday on the trailer bill to make it official.