Hollywood would get 20% federal film tax credit under proposed new bill

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Set us as preferred A bipartisan group of Congressional leaders officially introduced a bill to create a federal film and television tax credit, a long-sought goal for many in Hollywood who say it’s necessary to help bring production back to the U.S.The bill, known as the Motion Picture, Television and Entertainment Revitalization Act, would establish a 20% tax credit on U.S.labor for film and TV productions, including post-production and visual effects work.That credit could increase to 30% with several uplifts, including 5% bonus credits for independent productions or those that film at least 30% of principal photography days in a rural qualified opportunity zone or a federally declared disaster area.

Hollywood Inc.After President Trump threw his support behind an effort for a national film tax credit, Hollywood is hopeful that a lifeline could finally be on its way.Productions that film at least half of their days and spend at least $10 million in qualified compensation in 10 or more states also could qualify for an additional uplift.Feature films, TV shows or TV pilots could qualify for the tax credit if their total cost is more than $1 million and 75% of the principal filming days occur in the U.S., according to the bill.

Live sports, daytime dramas, talk shows, news, social media content and advertising and corporate videos would not be eligible.The effort is being led on the House side by Reps.Nathaniel Moran (R-Texas), Linda Sánchez (D-Whittier), Brian Jack (R-Ga.) and Laura Friedman (D-Glendale), and on the Senate side by Sens.

Tim Scott (R-S.C.) and Adam Schiff (D-Calif).“For years, I’ve been championing a federal film tax credit to stop the exodus of TV and film production leaving the United States for countries offering higher incentives,” Schiff said in a statement Thursday.“Now, we have the bes...