re: California to quadruple movie tax credits to $400 million/year

By having the option of the state buying them they are setting the minimum value.
Since there is an industry in itself of brokering these credits, then clearly they are being redeemed for something more than the state set minimum.
The best deal for the state would be if they were redeemed at the minimum value and the state were in fact cutting checks.

No checks = worse deal