California Governor Jerry Brown has signed into action legislation that will more than triple the state’s film and TV tax credit.

Under the terms of the Film and Television Job Creation and Retention Act, California’s annual allocation climbs from $100m to $330m over five years, starting next year.

The measure’s film portion – roughly 35% of the allocation – provides for several things, one of which is to raise the cap on tentpole eligibility to productions budgeted at more than $75m.

Brown attended the ceremony at TCL Chinese Theatre in Hollywood with Los Angeles Mayor Eric Garcetti, Warren Beatty, LA film czar Ken Ziffren and several of the new law’s political champions, among others.