Hollywood to receive 20% film tax credit

A bipartisan bill has been introduced to establish a federal 20% tax credit on U.S. labor for film and television productions, including post-production and visual effects work. The bill aims to revitalize domestic production by offering additional incentives, with potential increases up to 30%, to address the trend of productions moving overseas to countries with better incentives. Supporters cite the potential to bring back jobs and increase U.S. production spending, which current competition and rising costs have challenged.

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