Federal Film Tax Credit Introduced in House, Offering Film and TV Shoots Up to 30% Incentive

The House Ways & Means Committee has introduced a federal film tax incentive bill to Congress on Thursday, aiming to bring back hundreds of thousands of jobs to the United States. The bill, which has been worked on for over a year, includes many of the requests made by Hollywood studios, unions, and producers. The main advantage of the bill is that it includes above-the-line talent salaries in the 20% base rate incentive, a feature found in the incentives offered by countries like the United Kingdom and Canada.

This has led to the primary filming of blockbusters like "Barbie" and "Deadpool & Wolverine" in those countries.

The proposed U.S. incentive would provide an additional boost on top of any incentives offered by the 31 states that currently have their own film tax credits. To qualify for the federal credit, a project must spend at least $1 million, with 75% of the work being done in the United States. Democratic Rep. Laura Friedman (CA-30) expressed her satisfaction with the bill, stating that it is a result of the coalition she built, which included unions, studios, Republicans, Democrats, and the White House.

She emphasized that the bill is not about subsidizing Hollywood, but about supporting the American worker and keeping American storytelling in America.

Rep. Nathaniel Moran (TX-01) echoed similar sentiments, expressing pride in working with Senator Scott and the bipartisan group in both chambers to get the bill passed. He also thanked Ambassador Jon Voight and SAG-AFTRA President Sean Astin for their efforts in pushing the bill forward.