President Donald Trump’s supporters in Hollywood are backing legislation aimed at extending the nation’s sole federal tax deduction for domestic film and television production. Jon Voight, a “special ambassador” to the industry, and his business partner Steven Paul called for the passage of the Creative Relief and Expensing for Artistic Entertainment Act (CREATE Act), which would extend Section 181 of the Internal Revenue Code.
The provision allows U.S.-based productions to deduct costs sustained in the same year. The current sunset date is December 31, but the CREATE Act would continue it through 2030. Voight and Paul argue that extending this deduction would help keep American stories told here, benefiting audiences, workers, and the industry.
Voight referenced his film “The Last Firefighter,” which shot in Los Angeles, praising Section 181 for its ability to support local production. Industry supporters are backing the extension as part of Trump’s “America First” agenda, following a meeting with Voight, Paul, and the president at Mar-a-Lago. The CREATE Act is seen as a modest step forward, with more ambitious legislation aiming to introduce a federal film tax incentive that could be layered on top of states’ individual credits.
Source: https://www.hollywoodreporter.com/business/business-news/federal-film-tax-deduction-1236343582