Netflix's Sarandos Backs Federal Hollywood Tax Credit, Citing $400 Million in LA Spending
Updated
Updated · Fox News · Oct 1
Netflix's Sarandos Backs Federal Hollywood Tax Credit, Citing $400 Million in LA Spending
1 articles · Updated · Fox News · Oct 1
Summary
Ted Sarandos endorsed a proposed federal tax credit for film and TV production, praising Donald Trump for backing an effort he said could restore U.S. entertainment jobs.
The bill, introduced last week with bipartisan sponsors Tim Scott and Adam Schiff, aims to counter incentives in the UK, Australia and Canada that have pulled productions overseas.
Sarandos said the model is economically proven, estimating every $1 of incentive can return $6 to $9, though he questioned whether Congress can pass it during a lame-duck session after next month's midterms.
California also came under criticism: Sarandos said the state let infrastructure age and made Los Angeles hard to shoot in, even as Netflix spent more than $400 million there on three recent productions.