Hollywood could be on its way to producing more films and TV shows at home rather than moving productions to other countries. Members of Congress are working on a new bill that could benefit the Hollywood industry, helping it grow while also creating opportunities for other industries. Now, there have been conversations for a long time about introducing an incentive for film and TV production.
It seems the plan is finally moving forward. Although nothing has been confirmed yet, the proposal is promising and can reportedly be strong competition to subsidies from the UK and Canada.
What is the new Federal Film Incentive draft?
As reported by Variety, a new bill is in the works that could create a 20% federal film and TV incentive. Moreover, with bonuses, the number could rise to as high as 30%. Rep. Nathaniel Moran, a Republican from East Texas, and Rep. Linda Sanchez, a Democrat from Whittier, California, are working on the bill, with both serving on the House Ways and Means Committee.
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