Hollywood would get 20% federal film tax credit with proposed new bill
Los Angeles Times • • entertainment
Key Points:
- A bipartisan group of Congressional leaders introduced the Motion Picture, Television and Entertainment Revitalization Act to establish a federal film and TV tax credit aimed at boosting U.S. production.
- The bill proposes a 20% tax credit on U.S. labor for eligible productions, with potential increases to 30% through various bonus credits for independent films, rural or disaster area shoots, and multi-state productions.
- Eligible productions must cost over $1 million and have at least 75% of principal filming days in the U.S., excluding live sports, talk shows, news, and social media content.
- The legislation has broad support from Hollywood unions and industry groups, with proponents citing increased competition from other countries offering tax incentives and potential economic benefits including job growth.
- Passage is anticipated after the November 3 election, with lawmakers coordinating closely with the White House and making final adjustments to the bill before introduction.
