Trump requires federal tax incentives to revive U.S. movie trade
WASHINGTON — President Trump on Monday urged Congress to approve federal tax incentives geared toward reviving American movie and tv productions, saying Hollywood has been hollowed out by productions shifting to Canada and different international locations.
In a social media put up, Trump mentioned he met with actor Jon Voight, whom he has designated as “Hollywood Ambassador,” and concluded there’s “no incentive” to work in Hollywood anymore and that it’s “hurting California very badly.”
“Jon, and lots of others within the Industry, are suggesting we do Federal Tax Incentives so as to Make our Movie and Television Production Business GREAT AGAIN, Perhaps GREATER THAN EVER BEFORE!,” Trump mentioned wrote on Truth Social.
Trump mentioned conferences are already being set as much as discuss to lawmakers from each events, noting that he needs to the discussions to be bipartisan, “particularly since a lot cash is being misplaced in California, and different largely Blue States.”
“I’m going to recommend that Republicans and Democrats get collectively, and instantly craft Legislation to save lots of the Movie, Television and Entertainment Business in America,” he mentioned.
There are few particulars about what these incentives would appear to be presently, however Trump mentioned “the amount of cash spent” on tax breaks will likely be made up “tenfold by the cash pouring into the Treasury’s coffers.”
Charles Rivkin, chairman and chief government of the Motion Picture Assn., applauded Trump’s announcement, and, in a press release, added that “for over a century, American studios, casts, and crews have produced the movies and sequence that the planet needs to see.”
“A federal incentive,” Rivkin added, “could be a landmark step towards bringing extra manufacturing to native communities in all 50 states, strengthening our nation’s financial system, and making our nation a extra aggressive place to supply, create, and inform nice tales.”
Trump’s push comes as manufacturing has continued to shift abroad. Last 12 months, 45% of all U.S. movies and scripted tv reveals had been shot internationally, up from about 33% in 2022, a difficulty that has worried California lawmakers reminiscent of Sen. Adam Schiff (D-Calif.).
California and different states have bolstered their manufacturing incentive packages, however Schiff has mentioned up to now that it’s not sufficient. He, too, has made the case for a federal tax credit score.
“State packages can’t merely substitute for the sort of international, federal and aggressive tax incentives which can be wanted to deliver manufacturing again to American soil and cease its offshoring,” Schiff mentioned at an occasion in March. “The urgency couldn’t be better.”
Trump has beforehand floated extra aggressive measures, together with a risk to impose tariffs on foreign-made movies, however that concept didn’t acquire traction.
