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Warner joins supporters for bill that would create incentives for film, TV production
U.S. Sen. Mark Warner, D-Va., joined a bipartisan group of lawmakers that are sponsoring legislation to create a federal tax incentive to encourage more domestic film and TV production.
The key provision to the Motion Picture, Television, and Entertainment Revitalization Act: the creation of a 20 percent federal tax credit to U.S. film and television productions with minimum spend of $1 million and where at least 75 percent of the principal photography days occur within the U.S.
The bill has the support of one Donald Trump, who you may remember, fancies himself a former TV star.
One thing holding the bill back: it’s kinda late in the year, an election year, for this bill to get any kind of decent hearing ahead of the end of the legislative term, which would mean, starting over again next year.
The measure has the support of the industry heavyweights, for probably obvious reasons.
“The over 170,000 behind-the-scenes entertainment workers of the International Alliance of Theatrical Stage Employees are proud to endorse the Motion Picture, Television, and Entertainment Revitalization Act,” IATSE President Matthew D. Loeb said. “IATSE has long called for a globally competitive, labor-based federal production incentive to level the playing field for American workers, return middle-class film and television jobs to America, and keep them here at home.
“The bipartisan support for this bill has me optimistic that we will, at long last, get a federal tax incentive that will make us competitive with the rest of the world,” SAG-AFTRA President Sean Astin said. “Many producers would rather film in the United States, with its deep pool of talent, but find it difficult to do so due to the financial realities, and they end up taking their productions overseas. I am hopeful that this bill is the first step in reversing that trend and safeguarding good jobs here at home.”
The quote from Warner for our story:
Film and television production supports good-paying jobs and small businesses across Virginia and across the country. This bill will help keep more productions — and the jobs they create — here at home, while giving Virginia’s talented artists and production workers more opportunities to succeed. I’m proud to support this effort.