Proposed bill would grant domestic filmmakers up to $20 million in tax write-offs
(WASHINGTON) – Congressman Doug Collins (R-Ga.) Tuesday introduced the Facilitating Investments in Local Markets (FILM) Act along with lead co-sponsor Congressman Joe Crowley (D-N.Y.).
The proposed legislation extends the tax provision that allows production companies to write-off the first $15 million of a domestic production immediately, rather than taking deductions over time. The bill also provides for an immediate $20 million write-off for firms that base their productions in distressed communities.
A news release from Collins’ office says domestic film, television and theatrical productions are being “lured overseas” and “taking their benefits with them.” The FILM Act is aimed at counteracting that.
“Media productions can inject up to $225,000 into a community each day, and I believe we should encourage companies to make those investments here at home,” says Collins.
The 9th District Congressman says Georgia receives $7 billion in film and television production revenue annually. That revenue, he says, supports jobs and fosters innovation. “The FILM Act helps bring more American creativity to life and put more talented Americans to work, and that’s an investment I’m honored to encourage,” Collins says.
Bill co-sponsor, Rep. Linda Sanchez (D-CA) says, “I know first-hand how important the film production industry is for Southern California. These American companies help provide good paying jobs for thousands of hard-working families. This legislation will ensure we maintain the tax incentives necessary to help these businesses compete on a global playing field. Keeping and creating more high-quality U.S. jobs should be a priority of our tax system.”
Original co-sponsors of the FILM Act include Reps. Joe Crowley (D-N.Y.), Jason Smith (R-Mo.), Linda Sanchez (D-Calif.), Judy Chu (D-Calif.), Dan Donovan (R-N.Y.), Jerrold Nadler (D-N.Y.), Buddy Carter (R-Ga.), Billy Long (R-Mo.), Lou Correa (D-Calif.), Chris Collins (R-N.Y.) and Grace Meng (D-N.Y.).