California bill encourages more film production in state with multi-million dollar tax credit boost

California is officially ready to roll out a new incentive to keep moviemaking in the Golden State.

Gov. Gavin Newsom on Wednesday signed Assembly Bill 1138 into law, which more than doubles the state's annual film and television tax credit program.

A $750 million investment is meant to encourage production in California. It's expected to create 6,500 jobs for cast and crew, and the projected economic boost is $664 million -- mostly from tourism.

Previously, TV and film productions were eligible to collect $330 million annually.

RELATED: California legislature approves $750 million film tax credit

"The sun-drenched Central Valley, to, you know, that international orange of the Golden Gate Bridge, to the beautiful Hollywood sign -- people want to touch that," Newsom said. "Want to connect with that. They want to be part of that. This is part of who we are -- our brand, California. It's part of the dream."

Forty-eight projects have already been approved. More than half will be shot in the Los Angeles area to support the community as it recovers from the devastating wildfires earlier this year.

New applications for the tax credit will start being accepted next Monday, which is exactly six months to the day since the Palisades and Eaton wildfires started.

Two of the approved projects will be shot in San Francisco and the greater Bay Area. One is a film called "High Priestess of Souls" and the other called "Our Kind of Cruelty."