President Trump is endorsing federal tax credits to support film and television production inside the United States.
He reached the position after consulting actor Jon Voight, reports The Wall Street Journal.
In a post on Truth Social, Trump says that tax incentives would offset their cost through increased economic activity and he calls for bipartisan talks to advance the plan.
“The amount of money spent on Tax Incentives will be made up tenfold by the money pouring into the Treasury’s coffers. Meetings are being set up with the Leaders of both Parties in order to get this done. It should be Bipartisan, especially since so much money is being lost in California, and other largely Blue States.”
Industry figures propose a federal tax credit between 15 and 20 percent layered on top of existing state programs to match lower costs in Canada, the United Kingdom and Hungary.
Trump offered no specific percentage in his statement.
Last year he floated tariffs on foreign-made films, though that idea stalled because movies do not cross borders as physical goods.
Production workers in California, Georgia and other states now face sharp job shortages from the shift of projects overseas plus a drop in new television series.
Employment in the motion picture industry in Los Angeles County has declined to 100,000, according to
the Bureau of Labor Statistics, down from the 142,000 people employed in 2022. The cause is mainly blamed on less productions.
The number of movies and TV shows with budgets of at least $40 million that began shooting in the US declined by nearly 30% in 2024 compared to 2022, according to data firm ProdPro.
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This post President Trump Endorses Federal Tax Credits for US Film Production may be modified as updates unfold.
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