President Donald Trump is calling on Congress to approve a federal tax incentive aimed at bringing film and television production and entertainment jobs back to the United States, drawing support from both a major Hollywood trade group and Democratic California Sen. Adam Schiff.
Trump announced the push Monday after meeting with actor Jon Voight, one of his Hollywood ambassadors, saying Voight and others in the entertainment industry have urged the administration to support federal incentives for domestic production.
“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,” Trump wrote on Truth Social, adding: “Congress should approve, immediately, a Federal Production Incentive to create Entertainment Jobs in America.”
TRUMP URGES CANADIAN COMPANIES TO IMMEDIATELY MOVE TO US, SAYS ‘I DON’T WANT CANADIAN ANYTHING’
Trump said U.S. film and television work has increasingly moved to Canada and other countries and that meetings are being arranged with leaders of both parties in an effort to advance legislation.
The president did not specify the size or structure of the incentive he wants Congress to enact. However, a proposal backed by Voight allies would provide a 20% federal tax credit for U.S. labor costs on qualifying film and television productions.
SP Media Group CEO Steven Paul, a producer and Voight’s agent, and SP Media President Scott Karol have proposed the 20% credit, according to Reuters.
HOW DOLLY PARTON TRANSFORMED A SMALL TENNESSEE TOWN INTO A TOURISM EMPIRE
Voight is working with a coalition that includes the Motion Picture Association, Directors Guild of America and unions representing actors, writers and other entertainment workers as the industry seeks to stem the movement of production overseas, Reuters reported.
Trump’s Monday post did not say whether he supports that specific 20% proposal.
Schiff quickly backed Trump’s broader call, marking a rare area of agreement between the longtime political adversaries.
“I am in strong agreement with the President. Congress should immediately take up and pass a federal film tax incentive to bring back these good-paying jobs that we’ve lost to other countries,” Schiff wrote on X. “Let’s work together — Republicans and Democrats — to get this done, and bring the movie magic back to America.”
The Motion Picture Association, whose members include Netflix, Paramount Pictures, Sony Pictures, Universal Studios, The Walt Disney Studios, Prime Video, Amazon MGM Studios and Warner Bros. Discovery, also welcomed Trump’s announcement.
DISNEY OFFERS VOLUNTARY EARLY RETIREMENT PACKAGES TO LONGTIME EXECUTIVES AMID RESTRUCTURING PUSH
“A federal incentive would be a landmark step toward bringing more production to local communities in all 50 states, strengthening our nation’s economy, and making our country a more competitive place to produce, create, and tell great stories,” MPA Chairman and CEO Charles Rivkin said.
Rivkin said the group looks forward to working with the White House and bipartisan leaders in Congress to enact a national production incentive.
Voight has previously advocated for a federal tax credit designed to bolster U.S. film and television production.
Trump said he believes the economic activity generated by a federal incentive would more than offset its cost to the government, although he did not provide an analysis supporting that projection.
CLICK HERE TO GET FOX BUSINESS ON THE GO
“What we watch on the Silver Screen should be made in what was once the Movie and Motion Picture Capital of the World,” Trump wrote. “Let’s get this done!”
Read the full article here
