Newsom looks to team up with Trump on federal film tax credit

” America continues to be a video powerhouse, and California is all in to provide more generation here”, Newsom said in a speech Monday. ” Tower on our prosperous state system, we’re excited to partner with the Trump administration to further enhance local production and Make America Film Again”.

Last month, Newsom proposed doubling the country’s Film &amp, Television Tax Credit Program, freeing up$ 750 million per year to entice moviemakers to work in the state.

State legislators in February proposed an enlargement of the country’s Hollywood income credit. The state-level plan follows the 2023 SAG-AFTRA reach, in which hundreds of business workers went on strike for weeks. An estimated$ 5 billion was lost nationwide due to the strike, but artists and actors may have been in a worse financial status without it, according to a study from the University of Michigan.

The specific details of what the federal tax credit would necessitate be unknown. Sen Adam Schiff (D-CA ) said he was working on a federal film incentive proposal.

On Sunday, Trump called shows being made abroad” a National Security threat” and said that a 100 % tax may be levied on “any and all Shows coming into our State that are produced in Foreign Lands”.

It is unclear how the Trump administration plans to house a duty on intellectual home. White House spokesman Kush Desai clarified Monday that” no final decisions on foreign film tariffs have been made”, adding that” the administration is exploring all options to deliver on President Trump’s directive” .&nbsp,

NEWSOM PROPOSES$ 750 Billion HOLLYWOOD Income CREDIT INCREASE

Trump also told reporters Monday that he was planning to meet with members in the movie business. &nbsp,

” I’m not looking to damage the economy. I want to support the market”, he said.