A bipartisan group of lawmakers unveiled federal legislation Thursday that would create a 20%-30% U.S. film incentive, in a bid to secure American dominance in entertainment production.
\n\nThe incentive would stack on top of state tax credits, combining to create the world’s most generous subsidies for film and TV.
\n\n“If it passes and it stacks clean, shooting in Georgia or California or New York is the best deal on the planet,” said Joe Chianese, senior vice president for incentives at Entertainment Partners. “Nothing overseas comes close.”
\n\nThe legislation is the product of a two-year effort from Hollywood unions and the Motion Picture Association, which lobbies on behalf of the major studios. A historic slump in production has cost more than 50,000 jobs in Los Angeles alone over the last four years, prompting calls to do something to counter generous subsidies in the U.K., Canada, and 63 other countries. President Trump came on board last month, calling on Congress to “immediately” craft legislation to save the industry.
\n\nThe 20% base credit would apply to all labor costs, both below-the-line and above-the-line. A series of “uplifts” would grant 5% bonuses for filming in rural areas or for independent productions, bringing the potential…
Original source: https://variety.com/v/tv/