Tag

Tax Incentives

All articles tagged with #tax incentives

business11 days ago•16 min saved

Union Report: U.S. Film and TV Production Spending Drops Sharply as Studios Shift Overseas

A new report commissioned by major Hollywood unions reveals that U.S. film and television production is in severe decline. Between 1999 and 2024, major studios shifted 32% of movie spending and 30% of TV spending to overseas locations. This shift has reduced the share of U.S.-based cast and crew for major films from 72% to 43%. Unions warn that without federal intervention, the industry will continue to lose middle-class jobs, citing a proposed 20% federal tax credit that could generate $250 billion in economic value.

via Deadline|

#business #film-production #hollywood-unions

politics14 days ago•5 min saved

Iowa Lawmakers Approve $1.36B Tax Break for Foreign-Owned Steel Mill Amid Election Pressure

Iowa Governor Kim Reynolds signed a bill Friday allowing up to $1.36 billion in tax incentives for a proposed $15 billion steel mill in Lee County. The measure, passed in a special session, expands the state's MEGA program to offer a 10% investment credit over 10 years. The project, owned by India's Essar Group, is expected to create 1,750 permanent jobs by 2030 but faces criticism over its rushed timeline and foreign ownership.

via KCCI|

#iowa #kim-reynolds #mesabi-metallics

politics23 days ago•4 min saved

Bipartisan Coalition Unveils Federal Film Tax Credit to Reverse Hollywood Exodus

Lawmakers introduced a bipartisan bill on Thursday to establish a federal tax credit for film and television production, aiming to reverse the loss of jobs to other countries. The proposal, backed by President Trump and a coalition of Democrats and Republicans, offers a 20% credit on labor costs, potentially rising to 30% with bonuses. Industry advocates project the measure could generate over $125 billion in spending and 143,500 jobs by 2035. While the bill faces potential resistance from conservatives concerned about deficit spending, it is expected to be pushed through Congress during the lame-duck session after the November midterms.

via Politico|

#congress #entertainment-industry #hollywood

business27 days ago•11 min saved

California Enacts First Standalone Post-Production Tax Credit to Retain Creative Jobs

California Governor Gavin Newsom signed AB 2319 into law on September 19, 2026, establishing the state’s first standalone tax credit for post-production work. The measure offers a 35% to 50% credit for editing, sound, and visual effects, allowing productions that film elsewhere to claim incentives for work done in California. While the initial funding is limited to $10 million, the move aims to compete with other states and countries that already offer similar benefits, despite industry advocates seeking a much larger allocation.

via The Hollywood Reporter|

#ab-2319 #business #california-film-industry

business1 month ago•9 min saved

American Idol Relocates to Atlanta, Highlighting California's Production Decline

ABC's American Idol is moving production from Los Angeles to the Atlanta area for Season 25, a decision confirmed by producer Fremantle. The relocation, set to premiere in January 2027, is driven by Georgia's more favorable tax incentives for unscripted television. This move exacerbates a significant decline in Los Angeles production activity, with shoot days dropping nearly 13% in the second quarter of 2026. While California expanded its tax credits, they did not cover the show's budget, prompting industry leaders to call for federal intervention to retain production jobs.

via The Hollywood Reporter|

#american-idol #business #fremantle

politics1 month ago•4 min saved

Bipartisan Coalition Forms to Pass Federal Film Tax Credit Amid Hollywood Exodus

President Trump has secured bipartisan support for a federal film tax credit, with Democrats Schiff, Pelosi, and Omar joining the push to reverse the exodus of movie production overseas. The proposed legislation, potentially named the Motion Picture, Television and Entertainment Revitalization Act, aims to offer a 20% credit on labor costs to compete with foreign incentives. While industry leaders urge swift action to prevent further job losses, legislative timelines remain uncertain due to the upcoming midterm elections and budgetary concerns.

via Fox News|

#bipartisan #economic-policy #film-industry

business1 month ago•16 min saved

Hollywood Guilds Back Trump’s Push for Federal Film Tax Credit Amid Legislative Uncertainty

President Donald Trump has intensified his push for a federal film and television tax credit, naming the proposed measure the Motion Picture, Television, and Entertainment Revitalization Act. Major industry unions, including SAG-AFTRA and IATSE, have issued strong endorsements, praising the administration's focus on domestic production. While proponents like Jon Voight and Rep. Laura Friedman claim bipartisan momentum, critics and some lawmakers remain skeptical of the bill's cost and feasibility in a divided Congress.

via Deadline|

#business #congress #donald-trump

politics1 month ago•4 min saved

Trump, Schiff unite on federal film tax credit to halt Hollywood job exodus

President Trump and Sen. Adam Schiff have aligned on a federal film tax incentive to reverse the loss of 49,000 entertainment jobs since 2022. The proposal, championed by actor Jon Voight and the IATSE union, aims to compete with global tax breaks. While California expanded its state credits, it remains behind Georgia and New York, prompting calls for a national 20% labor credit to stabilize production.

via Fox News|

#adam-schiff #hollywood #iatse

politics1 month ago•3 min saved

Trump Urges Congress to Pass Federal Film Tax Credit to Halt Production Exodus

President Donald Trump publicly endorsed a federal tax incentive for film and television production, urging Congress to act immediately to stem the loss of jobs to countries like Canada and the UK. The push, supported by actor Jon Voight and industry leaders, aims to create a national credit to compete with foreign subsidies, with bipartisan lawmakers and unions backing the effort despite previous state-level incentives failing to stop the exodus.

via Politico|

#bipartisan-legislation #donald-trump #film-industry

politics-and-media1 month ago•12 min saved

Trump Endorses Federal Film Tax Credit to Reverse Hollywood Exodus

President Donald Trump officially endorsed a federal tax incentive for film and television production on August 31, 2026, urging Congress to pass legislation immediately to retain entertainment jobs in the United States. The move follows a meeting with actor Jon Voight, a self-appointed Hollywood ambassador, and aligns with a broader industry push to counter the loss of productions to countries like Canada and the UK. While industry leaders and some lawmakers support the measure, specific details on the credit’s structure remain undefined, and the initiative faces scrutiny regarding its long-term viability.

via Deadline|

#donald-trump #film-industry #hollywood

business1 month ago•10 min saved

California Senate Passes Post-Production Tax Incentive, Leaving Funding Gap for Newsom

The California State Senate passed SB 2319, creating a new tax incentive for the post-production sector, but the bill lacks allocated funding. Governor Gavin Newsom must now decide whether to sign the measure, which faces a significant budgetary hurdle despite industry support.

via Deadline|

#business #california #film-industry

politics1 month ago•15 min saved

Voight’s Quiet Push for Federal Film Incentive Gains Bipartisan Momentum

Jon Voight, appointed by President Trump as a special ambassador to the entertainment industry, is actively lobbying for a federal film tax credit to combat the exodus of production overseas. While Voight has remained largely silent publicly, legislative efforts led by Rep. Laura Friedman are advancing, with a potential 20% credit for labor costs. Industry leaders and bipartisan lawmakers view Voight as a crucial bridge to the White House, despite his controversial political stance.

via Politico|

#bipartisan-legislation #film-industry #hollywood

technology1 month ago•10 min saved

Data Centers in the Crossfire: Backlash Pushes Regulators to Act

A bipartisan backlash against AI-powered data centers is intensifying, with governors and lawmakers proposing moratoriums, local-permit hurdles, and audits of tax breaks and water use. Pennsylvania, Texas and Michigan have moved to curb growth, while eight states enacted data-center tax-subsidy rollbacks in 2026 and more legislation is under consideration. Industry voices warn the issue could redefine investment and policy ahead of the 2028 elections, even as some leaders seek smarter planning and clearer community benefits to counter public concern about higher energy costs, water use, and landscape impact.

via Politico|

#artificial-intelligence #data-centers #policy

politics1 month ago•24 min saved

O’Hare-area data centers secure near $100M in tax relief while homeowners bear burden

A collaborative investigation finds 18 data centers near O’Hare have won multimillion-dollar property-tax reductions and state incentives, collectively shaving about $2 billion off taxable values in Elk Grove Village, Northlake, and Franklin Park and saving nearly $100 million in taxes this year, a shift that raises homeowner costs and fuels a national debate over how such facilities should be valued and whether incentives are warranted.

via Chicago Tribune|

#assessment #cook-county #data-centers

business2 months ago•3 min saved

Bears push ahead with Indiana stadium plan, eyeing Hammond sites near Wolf Lake

The Chicago Bears announced they are advancing plans for a new stadium in Hammond, Indiana, evaluating two sites near Wolf Lake for a stadium and surrounding mixed-use development, while maintaining communications with Indiana lawmakers and facing stalled talks on Illinois incentives.

via Axios|

#bears #business #hammond