Congress introduces bipartisan legislation creating national film tax credit
Legislators from both chambers of Congress proposed a bipartisan bill called the Motion picture, Television, and Entertainment Revitalization Act. This legislation aims to establish a national film tax credit to incentivize Hollywood productions to remain in the United States.the bill addresses the trend of film and TV productions leaving the U.S. for countries offering more competitive tax incentives, seeking to revitalize the domestic entertainment industry.
Lawmakers in both chambers of Congress introduced bipartisan legislation on Thursday to create a national film tax credit that would incentivize Hollywood productions to stay in the United States.
The bill, called the Motion Picture, Television, and Entertainment Revitalization Act, has been a long time in the making and comes at a time when film and television productions have been increasingly fleeing the U.S. for foreign countries with competitive tax incentives.
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