Vice Chair Crowley Joins Reps. Collins, Smith, and Sánchez in Introducing Bipartisan FILM Act to Spur U.S. Productions

May 20, 2015 Issues: Economy and Jobs, In the Community

(Washington, D.C.) – Today, Rep. Joe Crowley (D-Queens, the Bronx), Vice Chair of the Democratic Caucus, announced he joined Reps. Doug Collins (R-GA), Jason Smith (R-MO) and Linda Sánchez in introducing the Facilitating Investment in Local Markets (FILM) Act, a two-year extension of federal tax incentivizes to encourage domestic film, television and theatrical productions, which are increasingly moving overseas. The bipartisan House members introduced their bill to increase global competitiveness of a major American industry and to create U.S. jobs and economic growth, they said, emphasizing that foreign governments are offering aggressive incentives to attract productions.

In New York City, it is estimated that major motion picture shooting on location contributes $225,000 every day to the local economy and film production employs 130,000 people. According to the Broadway League, live theatre directly supports approximately 87,000 jobs and contributes approximately $11.9 billion to New York City’s economy.

“From the iconic Kaufman Astoria Studios in Queens to the bright lights of Broadway, there is no question that the film, television, and theater industries contribute greatly to the culture of New York,” said Rep. Crowley. “But, what’s also critical is the economic impact of these industries, including creating good paying jobs, pumping money back into local economies, boosting tourism, and more. I’m proud to join my colleagues in introducing legislation that will help ensure these important industries continue to make investments here in the U.S.”  

“The U.S. built the film and TV industry. It provides a huge economic boost to states like Georgia, attracting productions generating billions of yearly economic value and tens of thousands of direct and indirect jobs,” said Rep. Collins. “Audiences around the world are also seeing on screen what makes the Peach State special, thanks to smart tax incentives – common-sense measures to level the playing field for domestic productions. The FILM Act will help ensure our country and my home state remain destinations for investment, innovation and creativity.”

“The FILM Act provides tax credits that encourage investment in rural America. Southeast and southern Missouri have already seen the economic benefits of film production from the award-winning movie Gone Girl,” said Rep. Smith. “Additionally, Branson has been a major economic engine for the state with its fantastic stage productions. The FILM Act is a positive step forward in promoting rural areas on the big screen and stage.”

“I know first-hand how important the film production industry is for Southern California. These American companies help provide good-paying jobs for thousands of hard-working families. This legislation will ensure we maintain the tax incentives necessary to help these businesses compete on a global playing field. Keeping and creating more high-quality U.S. jobs should be a priority of our tax system,” said Rep. Sánchez.

The FILM Act would modify Section 181 of the federal tax code to allow qualifying productions an immediate write-down of the first $15 million of production costs – or the first $20 million for productions taking place in low-income areas. To qualify, a production must be domestically produced: Seventy-five percent of its total compensation costs must go to American actors, directors, producers and other production staff.

Congressman Crowley is the nine-term representative from the 14th Congressional District of New York, which includes sections of Queens and the Bronx. He is a member of the powerful Ways and Means Committee and serves as Vice Chair of the Democratic Caucus in the House of Representatives.