As a film industry veteran with over three decades of experience under my belt, I must say that the recent election results have left me both intrigued and apprehensive. The Hollywood landscape has always been a fascinating blend of art and commerce, and our relationship with Washington D.C. is a crucial part of this equation.
On a Wednesday, the Motion Picture Association, an organization that stands for seven significant film studios, extended their congratulations to Donald Trump following his win in the presidential election.
In their statement, the Hollywood association likewise extended congratulations to the new Congress, following the Republicans’ takeover of the Senate. They expressed eagerness to collaborate on matters pertinent to their industry.
The association is excited to collaborate with them on numerous critical topics pertaining to cinema, television, and digital streaming, sectors that provide employment for over 2.7 million Americans, sustain more than 240,000 businesses nationwide, and annually distribute approximately $242 billion in salaries. We applaud the efforts of all those involved this year in maintaining fair elections and safeguarding our democratic institutions.
The statement went against the typical response from Hollywood personalities, which leaned more towards hopelessness.
The Motion Picture Association (MPA) intends to prolong some aspects of the 2017 tax legislation, such as allowing the immediate write-off of the entire expense related to film and television production, instead of stretching this deduction across several tax periods.
The organization is also advocating for additional federal policies that could boost homegrown movie production, such as tax incentives similar to those offered by individual states. Recently, Representative Adam Schiff, a newly elected senator, has voiced his support for this kind of tax incentive in a letter to the Bureau of Economic Analysis and the Bureau of Labor Statistics.
The entertainment industry is one of the major U.S. export industries, accounting for a $10.3 billion trade surplus in 2022. The MPA has warned that other countries — including the U.K., Canada, India and Australia — have enacted aggressive subsidies to build up their domestic film and TV industries, leading to renewed concern about “runaway production.”
Trump hasn’t taken any steps or given promises regarding this matter. It’s anticipated that Congress will tackle the extension and modification of some aspects of Trump’s previous tax legislation next year, as several provisions were due to end in 2026.
The MPA additionally advocates for matters such as artificial intelligence, copyright laws, and the prevention of internet piracy.
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2024-11-06 23:16