UPDATED: The California Film Commission will hold a lottery on June 1st to select which qualified movie and TV production projects will receive the next $100M allocation of tax credits awarded under the state’s production incentive program. The commission will accept applications at its Hollywood Blvd. office on June 1 from 9AM to 3PM, at which time the lottery will be held. Applications received after 3PM will be processed the following day, according to the commission’s website. Projects that are not selected for credits via the first day’s lottery will be wait-listed, as some of the chosen projects drop out and credits become available. Of the total, $100 annual allocation, $10 million is reserved for indie films with minimum budgets of $1 million and maximum qualified expenditure budgets of $10 million. Feature films with budgets up to $75 million are eligible for a 20% credit. TV movies and miniseries with a minimum budget of $500,000 are also eligible for the 20% credit. New TV series licensed for cable TV are eligible if they meet minimum budget and other requirements. Existing TV series that formerly filmed all previous episodes outside California, as well as indie films, are eligible for a 25% credit, subject to budget and other restrictions. More information is available here.