For years, Hollywood has talked about a federal film and television tax credit that could help the industry combat the growing number of productions fleeing overseas.<\/p>\n
This week, the entertainment business got a glimmer of hope.<\/p>\n
After more than a year of quiet work from California lawmakers, industry lobbyists and Hollywood unions to build a bipartisan coalition, President Trump endorsed the effort in a post on Truth Social,<\/a> providing a major boost to the issue. <\/p>\n If passed, a federal incentive is expected to help draw some productions back to the Golden State, industry experts and advocates said. While it probably won\u2019t immediately end Southern California\u2019s production crisis<\/a> \u2014 as many states now have established film hubs stocked with experienced crews and more generous tax breaks \u2014 an added federal credit could certainly help make California more competitive, they said.<\/p>\n \u201cI will put our crews and our talent against any talent anywhere in the world,\u201d said Rep. Laura Friedman (D-Glendale), a former producer who has been pushing for a national film tax credit. \u201cIf we have a level playing field upon which to shoot, where we are not much more expensive than other locations, productions will come back to Los Angeles.\u201d<\/p>\n Trump\u2019s Truth Social post came after a meeting with actor Jon Voight, one of the president\u2019s designated Hollywood ambassadors<\/a> who has played a key role in lobbying for the film industry and advocating for a federal tax credit. Though Trump has had frosty relations with Hollywood, particularly since many heavyweights did not support his presidential campaign,<\/a> the industry\u2019s jobs push aligns with his focus on re-shoring work, marking a rare moment of agreement.<\/p>\n Speaking to reporters in the Oval Office, Trump said Wednesday that he has done \u201ca lot of work\u201d in the last week to get something done on federal tax incentives for the film and television industry.<\/p>\n Trump said he has spoken to streaming giant Netflix; Ari Emanuel, chief executive of TKO Group Holdings Inc.; and \u201cmany others,\u201d and that he is hopeful there will be a bipartisan push to revive productions in Hollywood with \u201cbig subsidies and big credits.\u201d<\/p>\n \u201cWe don\u2019t give anything and we should,\u201d Trump said, referring to proposed tax breaks for U.S. productions. He added that he wants legislation to \u201cmatch\u201d what other countries are offering.<\/p>\n Now, lawmakers must hammer out the details of that legislation.<\/p>\n The bill will have a Republican sponsor from a state known for film and TV production, but Friedman declined to name the person, saying she was waiting for Republicans to make their internal decision about that lead lawmaker.<\/p>\n