Federal Film and TV Tax Credit Hits Congress: Bipartisan Group Introduces Hollywood Bill

Following more than a year of intense industry lobbying, a bipartisan group of lawmakers in Congress has introduced proposed legislation to establish a federal film and television tax credit in the U.S. The Motion Picture, Television, and Entertainment Revitalization Act, led by Rep. Laura Friedman (D-CA), Rep. Nathaniel Moran (R-TX), Rep. Sanchez (D-CA) and Rep. Brian Jack (R-GA) in the House and Sen. Adam Schiff (D-CA) and Rep. Tim Scott (R-SC) in the Senate, would establish a 20 percent base tax credit on labor expenses if signed into law. Only projects with a budget over $1 million and where 75 percent of filming occurs in the U.S….