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Netflix Secures $20M California Tax Credit for Unnamed Project, Shares Rise 2%
Netflix Secures $20M California Tax Credit for Unnamed Project, Shares Rise 2%
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BTCCSquare news:
Netflix (NFLX) shares climbed nearly 2% in Monday's closing minutes after securing the largest allocation—$20 million—from California's film and television tax credit program. The streaming giant's unnamed project topped 48 competing ventures vying for $94 million in credits, with five studio films and 43 independents receiving partial funding.
The windfall arrives as California prepares to overhaul its incentive structure starting July 1. The revised program will make credits refundable over five years, diverging from previous rules that required studios to offset existing state tax liabilities.
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