www.hollywoodreporter.com: In a landmark moment for Hollywood workers and small businesses, a bipartisan group of lawmakers in Congress has introduced proposed legislation to establish a federal film and television tax credit, aimed at reshoring production work back to the U.S.
2 comments:
I have been following articles surrounding this federal tax incentive for the past few weeks, and I was absolutely thrilled to learn that there are more official details and wording on what this incentive will look like. I was also thrilled to learn that this bill has bipartisan support and is already on the Congress floor. This incentive could have a large impact on Hollywood and cause less productions to seek locations overseas due to rising costs of production in America. I want to continue to follow stories about this incentive because the bill very well might receive revisions over the voting process, and a longtime supporter of the bill, Senator Schiff, believes that this incentive will still need to be adapted over time. I agree with this sentiment, because while this incentive applies to movies, several forms of television are exempt from these benefits. It is called “the TV AND FILM industry,” so I hope more support for television productions can be included as well.
I had previously commented on an article that talked about the introduction of the Federal Film and TV tax, and I am very excited to see that it has returned into conversation. I am very happy to see that it has been fully introduced into Congress. I fully believe that introducing a tax like this is key to keeping the film and TV industry alive and thriving. However, I doubt that this bill will ever be ratified. Looking at Congress’ previous track record with providing even the most basic human rights to certain individuals, I sincerely doubt that congress will come to enough of an agreement to pass this. I am very surprised that this bill has bipartisan support, though. That gives me a little hope that it could be moved further into the ratification process. No matter what, I really hope that this bill gets passed into law.
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