Teen Wolf Season 5 renewed "Teen Wolf" has been renewed for a fifth season. Photo: MTV/Teen Wolf

We’ve got howling good news for “Teen Wolf” fans! Your favorite teeth-baring characters will be back for a Season 5, according to allocations from California’s Film and Television Tax Credit program for the 2014-15 fiscal year.

Although MTV hasn't yet announced a fifth season for the series, Variety revealed that “Teen Wolf,” which relocated production from Georgia to California in 2012, will "receive a credit for nearly 25 percent of its $46.3 million in qualified costs."

Most TV productions receive only 20 percent allocations, according to reports, but any project that previously filmed all its episodes outside of the Golden State is eligible for a 25 percent credit. That makes “Teen Wolf” the top dog in TV when it comes to tax credits, receiving a total of $11.5 million. Cha-ching!

Variety reported that the new round of tax credits will not be released to producers until the production is complete and an audit accounts for the production funds that were spent in California. The producers also must start production by the end of 2014 or the funds will go to other projects on the waiting list.

“Now in its sixth year, California’s tax credit program has proven to be our most effective economic development tool for retaining and attracting production jobs, spending and tax revenues,” said Amy Lemisch, executive director of the state agency. “The projects that receive our tax credit incentive will have a broad impact across the state’s economy as they create jobs and support thousands of small businesses.”

Are you excited for a Season 5 of “Teen Wolf”? Sound off in the comments section below.