The audiovisual industry in the United States could soon benefit from a 20 % or 30 % rebate on some production costs if the country’s Congress approves the legislative proposal for this federal incentive.

“The initiative comes amid concerns about the United States’ position in international film and television production. Its proponents seek to ensure the country remains a competitive destination for film and television projects compared to other territories that already offer public support.”

If the proposal is approved, it would be combined with the tax credits already offered by the various states. “The proposed legislation suggests that both mechanisms can be combined, which would increase the total public support available for productions that meet the requirements ultimately established by the law.”

If approved by Congress, it would offer “the most generous grant packages in the world for film and television productions. The combination of federal aid with state loans is, therefore, the element that can have the greatest impact on the decision of where future projects are developed.”

Among the domestic objectives is attracting and retaining productions within the United States by directly reducing production costs. The cumulative federal incentive would allow studios and production companies to adjust the economic comparison between filming in different regions.

M.Pino

Source: guslok

(Reference image: Logan Ward on Unsplash)

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