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Email Page| American Jobs Creation Act, HR. 4520 | |
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In October 2004, Congress passed HR. 4520, The American Jobs Creation Act, incentive legislation to help keep film and television productions in the U.S. HR 4520 includes provisions that allow (1) an immediate tax write-off of production expenditures for domestic films and TV productions under $15 million ($20 million for productions located in certain low income communities) and (2) a 9% deduction from net income for qualifying domestic film productions. Congress has taken an important step in stemming runaway production and preserving and creating jobs both within our industry and for the many businesses across the country that are part of/depend on the work we generate. This legislation will provide much needed assistance to local communities in their battle to save jobs and strengthen their own economies. Up until now, they have had to do so in the face of longstanding subsidies offered in other countries created for the express purpose of luring U.S. film production and the jobs and dollars that go with them.
Details of the legislation are in the links following, including a Q & A. It is our hope that this Federal legislation, combined with state incentives, will go a long way toward keeping film and television production -- and the millions of jobs it creates -- alive and well in the United States. It is also our hope that Michigan producers and production companies will take advantage of HR 4520.
Description of the Chairman's Mark for the Conference Committee on H.R. 4520
Domestic Film Production Incentive Program New Section 181 of the Internal Revenue Code
"Domestic Production Activities" Income Deduction New Section 199 of the Internal Revenue Code
New Federal Tax Legislation 'Runaway Production' Incentive
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