Latest news with #IndependentFilm&TelevisionAlliance
Yahoo
13-05-2025
- Business
- Yahoo
Jon Voight, Sylvester Stallone and entertainment groups lobby Trump for tax provisions
For the record:3:09 p.m. May 12, 2025: A previous version of this story stated Susan Sprung's title as executive director. She is chief executive of the Producers Guild of America. So-called Hollywood ambassadors Jon Voight and Sylvester Stallone joined with a coalition of entertainment industry groups for a letter delivered this week to President Trump urging him to support tax measures and a federal tax incentive that would help bring film and TV production back to the U.S. The letter is signed by Voight, Stallone, all the major Hollywood unions and trade groups such as the Motion Picture Assn., the Producers Guild of America and the Independent Film & Television Alliance, indicating widespread support from the entertainment industry. "Returning more production to the United States will require a national approach and broad-based policy solutions ... as well as longer term initiatives such as implementing a federal film and television tax incentive," the letter states. Read more: Hollywood's chaotic week of Trump, tariffs and tax break talk ends with no clear direction In the letter, which was obtained by The Times, the groups say they support Trump's proposal to create a new 15% corporate tax rate for domestic manufacturing activities that would use a provision from the old Section 199 of the federal tax code as a model. Under the previous Section 199, which expired in 2017, film and TV productions that were made in the U.S. qualified as domestic manufacturing and were eligible for that tax deduction, the letter states. The letter also asks Trump to extend Section 181 of the federal tax code and increase the caps on tax-deductible qualified film and TV production expenditures, as well as reinstating the ability to carry back losses, which the groups say would give production companies more financial stability. The tax measures — particularly Sections 199 and 181 — are issues the entertainment industry has long advocated for, according to two people familiar with the matter who were not authorized to comment publicly. The letter itself came together over the weekend, they said. It was intended to present different measures that shared the same goal of increasing domestic production, one person said. 'Everything we can do to help producers mange their budgets is important," said Susan Sprung, chief executive of the Producers Guild of America. "In an ideal world, we'd want a federal tax incentive, in addition to these tax provisions, but we want to advocate to make it as easy as possible to produce in the United States and make it as cost-effective as possible.'Last week, Trump threw the entertainment industry into chaos after initially suggesting a 100% tariff on films made in other countries. Then, California Gov. Gavin Newsom jumped into the mix, calling for a $7.5-billion federal tax incentive to keep more productions in the U.S. The proposals on the federal level come as states are upping their own film and TV tax credits to better compete against each other and other countries. Late last week, New York Gov. Kathy Hochul signed the state's budget, which increased the cap for its film tax credit to $800 million a year, up from $700 million. The expanded tax incentive program allocates $100 million for independent studios and gives additional incentives to companies that produce two or more projects in New York and commit to at least $100 million in qualified spending. The program was also extended through 2036, which could help attract TV producers, who often want to know that their filming location is committed if they're embarking on a series. Production in New York has been slow, and the state needed this boost, said Michael Hackman, chief executive of Hackman Capital Partners, which owns two film and TV studio properties in the state, as well as several facilities in California. The increase from New York could also push California to increase its own film and TV tax credit program. Last year, Newsom called to increase the annual amount allocated to California's film and TV tax credit program from $330 million to $750 million. Two bills are currently going through the state legislature that would expand California's incentive, including increasing the tax credit to cover up to 35% of qualified expenditures (or 40% in areas outside the Greater Los Angeles region), as well as expanding the types of productions that would be eligible for an incentive. "We have the best infrastructure, the best talent, we have everything going for us," Hackman said. "So if our state legislature can get more competitive with our tax credits, I think more productions will stay. But if they don't, this will result in more productions continuing to leave the state and going to New York and to other locations." Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
12-05-2025
- Business
- Los Angeles Times
Jon Voight, Sylvester Stallone and entertainment groups lobby Trump for tax provisions
So-called Hollywood ambassadors Jon Voight and Sylvester Stallone joined with a coalition of entertainment industry groups for a letter delivered this week to President Trump urging him to support tax measures and a federal tax incentive that would help bring film and TV production back to the U.S. The letter is signed by Voight, Stallone, all the major Hollywood unions and trade groups such as the Motion Picture Assn., the Producers Guild of America and the Independent Film & Television Alliance, indicating widespread support from the entertainment industry. 'Returning more production to the United States will require a national approach and broad-based policy solutions ... as well as longer term initiatives such as implementing a federal film and television tax incentive,' the letter states. In the letter, which was obtained by The Times, the groups say they support Trump's proposal to create a new 15% corporate tax rate for domestic manufacturing activities that would use a provision from the old Section 199 of the federal tax code as a model. Under the previous Section 199, which expired in 2017, film and TV productions that were made in the U.S. qualified as domestic manufacturing and were eligible for that tax deduction, the letter states. The letter also asks Trump to extend Section 181 of the federal tax code and increase the caps on tax-deductible qualified film and TV production expenditures, as well as reinstating the ability to carry back losses, which the groups say would give production companies more financial stability. The tax measures — particularly Sections 199 and 181 — are issues the entertainment industry has long advocated for, according to two people familiar with the matter who were not authorized to comment publicly. The letter itself came together over the weekend, they said. It was intended to present different measures that shared the same goal of increasing domestic production, one person said. 'Everything we can do to help producers mange their budgets is important,' said Susan Sprung, executive director of the Producers Guild of America. 'In an ideal world, we'd want a federal tax incentive, in addition to these tax provisions, but we want to advocate to make it as easy as possible to produce in the United States and make it as cost-effective as possible.' Last week, Trump threw the entertainment industry into chaos after initially suggesting a 100% tariff on films made in other countries. Then, California Gov. Gavin Newsom jumped into the mix, calling for a $7.5-billion federal tax incentive to keep more productions in the U.S. The proposals on the federal level come as states are upping their own film and TV tax credits to better compete against each other and other countries. Late last week, New York Gov. Kathy Hochul signed the state's budget, which increased the cap for its film tax credit to $800 million a year, up from $700 million. The expanded tax incentive program allocates $100 million for independent studios and gives additional incentives to companies that produce two or more projects in New York and commit to at least $100 million in qualified spending. The program was also extended through 2036, which could help attract TV producers, who often want to know that their filming location is committed if they're embarking on a series. Production in New York has been slow, and the state needed this boost, said Michael Hackman, chief executive of Hackman Capital Partners, which owns two film and TV studio properties in the state, as well as several facilities in California. The increase from New York could also push California to increase its own film and TV tax credit program. Last year, Newsom called to increase the annual amount allocated to California's film and TV tax credit program from $330 million to $750 million. Two bills are currently going through the state legislature that would expand California's incentive, including increasing the tax credit to cover up to 35% of qualified expenditures (or 40% in areas outside the Greater Los Angeles region), as well as expanding the types of productions that would be eligible for an incentive. 'We have the best infrastructure, the best talent, we have everything going for us,' Hackman said. 'So if our state legislature can get more competitive with our tax credits, I think more productions will stay. But if they don't, this will result in more productions continuing to leave the state and going to New York and to other locations.'
Yahoo
30-01-2025
- Entertainment
- Yahoo
AFM Set To Return To L.A. For 2025 Edition; Location Revealed
The American Film Market is set to return to Los Angeles this year following a poorly received 2024 edition in Las Vegas. AFM 2025 will run November 11-16 at the Fairmont Century Plaza in Century City, next to Beverly Hills. More from Deadline Leading U.S. Film Companies Inform IFTA They Won't Return To Las Vegas For AFM In 2025 & Will Set Up Their Own Market & Screenings In LA If Need Be; IFTA Responds Independent Film & Television Alliance Announces New Members Of Its Board Of Directors Water At L.A. Beaches In Part Of Malibu Closed Until Further Notice Due To Potentially Toxic Runoff 'Our return to LA holds special significance in the aftermath of the recent devastating fires,' Jean M. Prewitt and Clay Epstein, the respective President/CEO and Chairperson of event organizer the Independent Film & Television Alliance, said in a statement. 'It will be heartening to gather as colleagues here once again, where AFM started, and in doing so to take part in the rebuilding of the city that is a vital hub of our industry.' Read their full announcement below. The news is likely to be very well-received by many in the industry who struggled with the Palms Resort venue in Vegas. The Fairmont has ample space and is close to good restaurants and most of the agencies and other major film companies. We understand the decision to return the event to L.A. has ended the possibility of a breakaway sales event in the city. As Deadline revealed late last year, a group of leading U.S. film sales companies had informed the Independent Film & Television Alliance that they wouldn't be returning to Las Vegas in 2025 and were prepared to set up their own bespoke market and screenings event in Los Angeles if need be. The plan seemingly sharpened the resolve of AFM organizers and the decision has been taken by the IFTA board to return the event to Los Angeles. We spoke to two dozen delegates during the last AFM who were unhappy about the Palms and Vegas as a location for the market. The confab was plagued by negative reviews from delegates who complained about long lines at the Palms elevators, a bad lobby experience, poor food options, the expense and lack of atmosphere. Above all, many missed the opportunity to combine the AFM with other meetings in Los Angeles. IFTA defended the Vegas choice to us last year, saying the Palms emerged from an extensive search across a handful of cities, ticking off boxes on accessibility, price, screening rooms and sheer availability. But they also acknowledged that a change back to L.A. might be a possibility, and so it has come to pass. Here is the full announcement: After an extensive evaluation of multiple venues across Los Angeles to meet the industry's specific needs and size, the IFTA Board of Directors has selected the Fairmont Century Plaza in Century City as the new home of AFM. It is ideally situated just minutes from Beverly Hills, West Hollywood, and Westwood and next door to the AMC Century City 15 for screenings. Newly renovated, the Fairmont is a perfect blend of prestige, accessibility, amenities, and pricing consistent with recent return to LA holds special significance in the aftermath of the recent devastating fires. It will be heartening to gather as colleagues here once again, where AFM started, and in doing so to take part in the rebuilding of the city that is a vital hub of our the decades, AFM has evolved from solely a transactional space into an essential event where industry leaders come together to launch the latest films and projects, assess the marketplace, share insights, and stay abreast of the rapid changes shaping our business. Your feedback has underscored the importance of AFM as a gathering space and of Los Angeles as the optimal location. The Fairmont offers the location that best responds to your call for an elegant setting that maximizes convenience and encourages about exhibition opportunities, registration, and the event's agenda will be available shortly. Thank you for your continued support of the American Film Market. Your commitment inspires our dedication to providing a platform that highlights and advances our global community of independent eagerly anticipate welcoming you to Los regards,Jean M. Prewitt and Clay Epstein Best of Deadline How to Watch The 67th Annual Grammy Awards Online And With Cable 'A Knight Of The Seven Kingdoms': Everything We Know About The 'Game Of Thrones' Prequel, Including Plot, Premiere Date & Whether George R.R. Martin Is Involved 2025 Awards Season Calendar: Dates For Oscars, Spirits, Grammys, Tonys, Guilds & More
