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As a signal of their continued commitment to pass runaway film and television production legislation, Congressmen David Dreier (R-Calif.), Charles B. Rangel (D-N.Y.) and Howard L. Berman (D-Calif.) re-introduced their bill on February 12, the second month of the two-year 108th Congress. This bill, now called H.R. 715, is designed to encourage U.S. film and television production through a tax incentive in the form of a wage credit for productions between $200,000 and $10 million. The proposed wage credit would be a dollar-for-dollar offset against any federal tax liability and would provide two tiers of credits: (1) A credit amounting to 25% of the costs of qualified wages and salaries; and (2) a credit amounting to 35% of such costs if incurred in a low-income community.
The credit would only be available on the first $25,000 of qualified wages and salaries.
Eligible productions would include any public entertainment or educational motion picture film (whether released theatrically or directly to videocassette or other format), television or cable programming, mini series, episodic television, movies of the week or pilots produced in the United States.
H.R. 715 is targeted at the segment of the market most impacted by runaway production. To date, the bill has 57 co-sponsors and broad bipartisan support. Please visit http://thomas.loc.gov or the DGA Legislation Section. for further information.
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