A bipartisan group of lawmakers has introduced the Motion Picture, Television, and Entertainment Revitalization Act, aiming to enhance Hollywood production through federal tax credits for U.S.-made films and TV projects. The legislation proposes a 20% tax credit on labor expenses for qualifying productions, which must meet certain criteria, such as filming at least 75% of their principal photography days in the U.S. Additional bonus credits could increase the incentive to 30% for specific projects.
Key features include:
- Qualifying Productions: Feature films, TV pilots, and seasons over $1 million that predominantly shoot in the U.S.
- Bonus Credits: Increased incentives for independent films, productions in designated areas, and those spending significant amounts across multiple states.
- Bipartisan Support: Led by representatives from both parties; also backed by major entertainment unions and studios.
- Industry Impact: A study suggests the incentive could generate about 143,500 jobs annually, addressing significant job losses in the industry.
The initiative has garnered support from industry figures and politicians, with aims for production to begin in 2027.
