Trump calls for federal tax incentives to revive U.S. film industry

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Set us as preferred WASHINGTON — President Trump on Monday urged Congress to approve federal tax incentives aimed at reviving American film and television productions, saying Hollywood has been hollowed out by productions moving to Canada and other countries.In a social media post, Trump said he met with actor Jon Voight, whom he has designated as “Hollywood Ambassador,” and concluded there is “no incentive” to work in Hollywood anymore and that it is “hurting California very badly.”“Jon, and many others in the Industry, are suggesting we do Federal Tax Incentives in order to Make our Movie and Television Production Business GREAT AGAIN, Perhaps GREATER THAN EVER BEFORE!,” Trump said wrote on Truth Social.Trump said meetings are already being set up to talk to lawmakers on both parties, noting that he wants to the discussions to be bipartisan, “especially since so much money is being lost in California, and other largely Blue States.” “I am going to suggest that Republicans and Democrats get together, and immediately craft Legislation to save the Movie, Television and Entertainment Business in America,” he said.Hollywood Inc.

The story of how L.A.steadily lost much of its homegrown industry to other locales is a tale of hubris, escalating costs, political inaction and fierce competition from states and countries hungry for a piece of the Hollywood pie.There are few details about what these incentives would look like at this time, but Trump said “the amount of money spent” on tax breaks will be made up “tenfold by the money pouring into the Treasury’s coffers.”Charles Rivkin, chairman and CEO of the Motion Picture Assn., applauded Trump’s announcement, and, in a statement, added that “for over a century, American studios, casts, and crews have produced the films and series that the wor...