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Legislative bills

Bipartisan Legislation Introduced to Support US Film and Television Industry

Strategic Insights

— 1 min read

Congresswoman Nicole Malliotakis and Congresswoman Judy Chu have introduced bipartisan legislation to help keep film and television production in the United States. The bill, supported by the Trump Administration's Ambassador to Hollywood, actor Jon Voight, would double the current tax deduction available for qualified production expenses and extend it for an additional five years. This move aims to modernize the deduction and strengthen the domestic entertainment industry.

Key Takeaways:

  • The bill would double the current tax deduction for qualified production expenses and extend it for five years to keep film and television production in the US.
  • The legislation has earned the support of President Trump and industry leaders like Jon Voight, actor and United States Special Ambassador to Hollywood.
  • The bill aims to ensure the US continues to invest in its creative talent, with Congresswoman Chu stating that it would strengthen Section 181, the only federal tax incentive specifically designed for film, television, and sound production.
  • The legislation has received praise from industry leaders, with Dr. Richard James Burgess, President and CEO of A2IM, stating that it would help independent labels support more great artists and contribute to economic growth.
  • New York's film and television industry supports 185,000 jobs, generates $18.1 billion in wages, and contributes $81.6 billion in total economic output, making it a vital part of the city's economy.

Statistics:

  • The NYC Film and Television Industry Economic Impact Study (2021) found that the city's film and TV sector supports 185,000 jobs.
  • The same study found that the sector generates $18.1 billion in wages and contributes $81.6 billion in total economic output.
  • The Motion Picture Association (MPA) estimates that the US film and TV industry supports more than 2.32 million jobs nationwide.
  • The bill would extend and strengthen Section 181, extending the program for five years and raising the deduction limits.

Sources:

  • Congresswoman Nicole Malliotakis (NY-11) - https://malliotakis.house.gov/
  • Congresswoman Judy Chu (CA-28) - https://chu.house.gov/
  • Jon Voight, United States Special Ambassador to Hollywood - https://www.jonvoight.com/
  • Julius R. Nasso, Owner and Producer of Julius R. Nasso Productions - https://www.juliusnasso.com/
  • American Association of Independent Music - https://independentmusic.org/
  • Motion Picture Association (MPA) - https://www.mpaa.org/

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