COLLINS INTRODUCES FILM ACT TO ENCOURAGE U.S. PRODUCTIONS
WASHINGTON—Today Congressman Doug Collins (R-Ga.) introduced the Facilitating Investments in Local Markets (FILM) Act along with lead co-sponsor Congressman Joe Crowley (D-N.Y.).
Domestic film, television and theatrical productions bring jobs and economic investment to communities across America, yet these productions are being lured overseas and are taking their benefits with them. The FILM Act recognizes the economic impact of the production industry and 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.
“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. My own state of Georgia sees $7 billion in film and television production revenue annually, which supports jobs while fostering 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,” said Congressman Collins.
"The film, television and theater industries contribute greatly to the culture of New York,” said Chairman Crowley. “These industries also provide critical economic benefits to the United States, including creating good paying jobs, pumping money back into local economies, boosting tourism and more. I’m proud to join my colleagues in introducing legislation that will help ensure these important industries continue to make investments here in the U.S.”
“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,” said Congresswoman Sánchez.
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.).