Trump, Schiff Back Federal Film Tax Incentives After Hollywood Lost 49,000 Jobs
Updated
Updated · Fox News · Sep 1
Trump, Schiff Back Federal Film Tax Incentives After Hollywood Lost 49,000 Jobs
3 articles · Updated · Fox News · Sep 1
Summary
Adam Schiff endorsed Trump’s call for a federal film tax incentive, urging Congress to pass it immediately to restore entertainment jobs lost to other states and countries.
49,000 Hollywood jobs have disappeared since 2022, as production shifted to rivals offering richer subsidies, including Georgia with more than $1 billion and New York with about $800 million.
Trump said he wants Congress to quickly craft legislation after talks with actor Jon Voight, arguing federal incentives are needed because California and Hollywood have become uncompetitive.
California already expanded its film and TV tax credit program to $750 million, but a $5 million state corporate tax credit cap and stronger foreign incentives still limit its pull.
The bipartisan opening faces a narrow window in Washington, with Congress on a shortened September schedule before October midterm campaigning and a November lame-duck session.
Could a new federal tax incentive successfully stack with state programs to finally stop Hollywood's massive job exodus overseas?
With billions at stake, how exactly will the proposed federal film credit be structured to ensure domestic crews actually reap the financial benefits?
Will a federal production tax break save American entertainment jobs, or will advancing virtual production tech soon make filming locations completely irrelevant?