Gov. Jerry Brown reached an agreement on a bill on Wednesday that would more than triple funding for California’s film and TV tax-credit program.

The agreement increases the tax credit to $330 million a year for the next five years. It also replaces the current lottery system with a ranking based on how many new jobs a production creates. While the agreement falls short of the $400 million approved by the Senate Appropriations Committee two weeks ago, it more than triples the current tax credit of $100 million.

In the last 15 years, film production has dropped nearly 50 percent in California. In 2013, 21 of the 23 new prime time series were filmed outside of California. The new bill, which is expected to be approved by the Senate this week, is an attempt to win back some of those losses.

“This law will make key improvements in our Film and Television Tax Credit Program and put thousands of Californians to work,” Gov. Brown said.

“The bill’s approval is going to have a major positive impact on our efforts to retain entertainment jobs in California,” said Leron Gubler, President and Chief Executive of the Hollywood Chamber of Commerce, which was actively involved in the effort to increase the tax credit. “Yes, we would have liked to see the full $400 million approved, but $330 million is a significant improvement over the past incentive program.”

Los Angeles Mayor Eric Garcetti praised the measure as one that will restore the state’s ability to compete for film production. “I’m grateful to the Governor and the legislature for this important measure to protect and expand an industry that is integral to our economy and our identity,” he said.

Funding would begin in fiscal year 2015-2016 and run through fiscal year 2018-2019.