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President Donald Trump has endorsed a federal tax incentive aimed at revitalizing the film and TV production industry in the United States. In a statement posted on Truth Social, Trump urged Congress to craft bipartisan legislation to support the entertainment sector, which has seen a significant decline in domestic production in recent years. He emphasized the need to bring movie and television production back to America, stating, "What we watch on the Silver Screen should be made in what was once the Movie and Motion Picture Capital of the World."
The endorsement comes after Trump previously threatened to impose a 100% tariff on films made overseas. Industry leaders, including Charles Rivkin, CEO of the Motion Picture Association, applauded the move, describing it as a "landmark step" towards strengthening the U.S. economy and local communities. Rivkin added that a federal incentive would make the U.S. a more competitive place for production.
According to Variety, the initiative has garnered bipartisan support, with Democratic lawmakers like Senator Adam Schiff advocating for a federal tax credit to counter the loss of jobs to other countries. Schiff, who led Trump's first impeachment, expressed strong agreement with the President's call for action.
The Hollywood Reporter noted that the proposed tax credit would complement existing state-level incentives, potentially boosting production in states that currently lack such programs. The Los Angeles Times highlighted that nearly 45% of U.S. films and scripted TV shows were shot internationally last year, underscoring the urgency of the situation.
As discussions progress, meetings are being set up with bipartisan leaders to outline the specifics of the legislation. Trump's endorsement marks a significant shift in his approach to supporting the entertainment industry, with hopes of revitalizing Hollywood and retaining jobs within the U.S.