Bipartisan Legislation Introduced to Support US Film and Television Industry

Strategic Insights -

Congresswoman Nicole Malliotakis, along with Congresswoman Judy Chu, has introduced bipartisan legislation to help keep film and television production in the United States. The bill, which has gained the support of the Trump Administration's Ambassador to Hollywood, actor Jon Voight, aims to double the current tax deduction available for qualified production expenses and extend it for an additional five years. This move is crucial as the key federal tax incentive for the entertainment industry nears expiration, and without it, the US risks losing significant economic activity and good-paying production jobs to foreign countries.

Key Takeaways:

  • The legislation, introduced by Rep. Nicole Malliotakis and Rep. Judy Chu, aims to double the current tax deduction available for qualified production expenses.
  • The bill would extend the tax deduction for an additional five years, providing stability for the film and television industry.
  • The US film and TV sector supports 185,000 jobs, generates $18.1 billion in wages, and contributes $81.6 billion in total economic output, according to the most recent NYC Film and Television Industry Economic Impact Study (2021).
  • The bipartisan legislation has gained the support of the Trump Administration's Ambassador to Hollywood, actor Jon Voight, President Trump, and industry leaders like Julius R. Nasso, Owner and Producer of Julius R. Nasso Productions.
  • The bill would level the playing field by extending and enhancing existing tax credits, helping to keep more film production in the United States.
  • The US film and TV industry proudly supports more than 2.32 million jobs nationwide, with the Motion Picture Association (MPA) applauding the introduction of the bill.

Statistics:

  • 185,000 jobs supported by the US film and TV sector (NYC Film and Television Industry Economic Impact Study, 2021).
  • $18.1 billion in wages generated by the US film and TV sector (NYC Film and Television Industry Economic Impact Study, 2021).
  • $81.6 billion in total economic output contributed by the US film and TV sector (NYC Film and Television Industry Economic Impact Study, 2021).
  • 2.32 million jobs supported by the US film and TV industry nationwide (Motion Picture Association).
  • 5 years extension of the tax deduction provided by the bipartisan legislation.

Sources:

  • Office of Rep. Nicole Malliotakis
  • Speech of Rep. Judy Chu
  • United States Special Ambassador to Hollywood, Jon Voight
  • NYC Film and Television Industry Economic Impact Study (2021)
  • Statement of Julius R. Nasso, Owner and Producer of Julius R. Nasso Productions
  • American Association of Independent Music
  • Motion Picture Association (MPA)