From the Los Angeles Times:

Augusttax As New York celebrates the long-awaited renewal and expansion of its film tax credit program, California confronts a sobering reality: Its film tax credit money for the current year has run dry.

The California Film Commission has allocated all of the $100 million in tax credits available this year to 30 projects and now has a waiting list of 45 projects.

“The demand is far exceeding the supply,” said California Film Commission Executive Director Amy Lemisch. “We ran out on the first day of funding.”