Donald Trump Teams Up With Adam Schiff to Save Hollywood
Summary
President Donald Trump says he is working with Senator Adam Schiff and other lawmakers to pass federal tax credits for U.S. film and television productions. The proposed legislation would offer credits for qualifying production and post-production costs incurred in the United States.Key Facts
- The Motion Picture, Television, and Entertainment Revitalization Act was introduced in the Senate on September 24.
- Republican Senator Tim Scott introduced the bill with Democratic Senator Adam Schiff, Republican Senator John Cornyn, and Democratic Senator Raphael Warnock.
- The bill has been referred to the Senate Finance Committee.
- The proposal would create a 20 percent federal tax credit for qualifying U.S. labor expenses, potentially rising to 30 percent with certain bonuses.
- Eligible productions would need budgets above $1 million and at least 75 percent of their principal photography days in the United States.
- Post-production and visual-effects expenses would qualify if at least 75 percent of those costs were incurred in the United States.
- Trump said foreign tax incentives had drawn entertainment jobs away from U.S. production centers.
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