Governor Jerry Brown and legislative leaders have reached a deal to more than triple the state's film and television tax credits.

The agreement, unveiled today, would expand the existing $100 million credit to $330 million a year.

The credits will be allocated to studios based on the number of jobs created rather than a lottery system that's currently in place.

Labor unions and lawmakers had rallied hard in recent weeks, saying keeping productions here will save thousands of jobs.

The state's nonpartisan budget analyst has cautioned about "racing" other states in incentivizing industries.