Latest news with #taxincentive
Yahoo
5 days ago
- Entertainment
- Yahoo
Jon Voight, Producers Who Met With Trump Call on Congress to Renew America's Sole Federal Film Tax Incentive
The CREATE Act would renew and strengthen Section 181, a Bush era tax incentive that applies to the first $15 million in production costs Jon Voight and producers Steven Paul and Scott Karol, who met with Donald Trump earlier this year on reviving film and television production in the U.S., are calling on Congress to pass the CREATE Act, a bipartisan bill that would renew and strengthen the lone federal production tax credit in the country. The Creative Relief and Expensing for Artistic Entertainment (CREATE) Act is a bipartisan bill introduced earlier this month by Democratic Rep. Judy Chu (CA) and Sen. Raphael Warnock (GA) and Republican Rep. Nicole Malliotakis (NY) and Sen. Marsha Blackburn (TN). The bill renews Section 181, a part of the tax code first enacted in 2004 and allows productions to count the first $15 million in production costs towards tax deductions. More from TheWrap 'Sweet Revenge:' Go Behind the Scenes of the First 'Friday the 13th' Film Project Since 2009 Taylor Swift's 'Life of a Showgirl' Album Art, Tracklist and Release Date Revealed Boston Celtics' $6.1 Billion Sale Approved by NBA's Board of Governors John Oliver Tears Up Remembering Monica Lewinsky's 'Last Week Tonight' Interview as 'A Massive Act of Trust' | Video The CREATE Act would renew Section 181 through 2030 and raise the cap to as much as $40 million, depending on film location. The bill would also call for annual adjustments to the cap to account for location. While renewal of Section 181 has been a common request of entertainment industry lobbyists both on the union and studio side over the past 20 years, this would mark the first major expansion of the tax incentive, even if it falls short of the full-fledged tax credit programs run by dozens of film commissions on the state level and the federal-level programs operated by countries like the U.K., Canada, Australia and Greece that offer hundreds of millions in tax credits every year. 'Runaway production has drained too many jobs and too much talent from our country,' said Karol. 'Jon, Steven, and I have been working closely with our coalition of industry leaders and lawmakers to help draft this legislation and push for stronger domestic film incentives. Passing section 181 means more high-paying jobs, more work for small businesses that support our industry, and a stronger future for the thousands of families whose livelihoods depend on American film and television.' Voight, Karol and Paul recently wrapped shooting on 'The Last Firefighter,' a drama starring Voight and Kelsey Grammer that was shot entirely in Los Angeles, including on Van Nuys soundstages and with on-location shooting in neighborhoods like Manhattan Beach. 'Filming locally kept crew members employed, helped fill restaurants, and allowed us to capture the unique character and authenticity of LA on screen,' said Paul. 'This is what Section 181 can make possible for countless other projects. Those crews and cast feed a lot of families, and all of the money goes back into the communities.' 'We've just wrapped a film that celebrates deeply American values such as courage, resilience, and community,' added Voight. 'If we pass Section 181, we can help to keep telling these stories here in the U.S., giving our audiences, our workers, and our industry a brighter future.' After his meeting with Voight in May, Trump proposed a '100 percent tariff' on movies filmed overseas on his Truth Social page. The White House walked back that proposal a day later, and there have been no further developments on that front. Some California Democrats, most notably Sen. Adam Schiff and Rep. Laura Friedman, have publicly expressed interest in establishing a federal tax credit program that could be layered on top of existing state tax credits, though no legislation has been introduced yet. The post Jon Voight, Producers Who Met With Trump Call on Congress to Renew America's Sole Federal Film Tax Incentive appeared first on TheWrap.
CNET
15-07-2025
- Automotive
- CNET
Last Call for the $7,500 EV Tax Credit: It Expires in September
Car dealers are always advertising that now is the best time to buy, but if you're in the market for an electric vehicle, now might actually be the best time to buy. The reason: Congress voted to pull the plug early on a massive tax incentive that could save buyers up to $7,500 on new EVs. Instead of expiring in 2032, the tax break now ends Sept. 30 of this year. An EV you buy in October or later won't qualify. The move by congressional Republicans and signed by President Donald Trump was designed to help pay for the continuation of tax cuts from Trump's first term, which some say are most helpful for the wealthiest taxpayers. Congress gutted a host of clean-energy tax breaks in the bill Trump signed on July 4, essentially repealing much of the Inflation Reduction Act passed under President Joe Biden. With the EV credit expiring mid-year, it sets up a weird 2025 for an auto industry that also faces potential challenges from Trump's tariff policy. Thanks to international supply chains for parts and materials, this is likely to increase the cost of cars and trucks even if they're assembled in the US. If you're in the market for an EV, that means you might want to think a little more closely about your buying schedule. "My ordinary advice for everyone all the time is don't be in a big hurry, take your time and make a careful decision," Sean Tucker, lead editor at Kelley Blue Book, told me. "This is the one circumstance where you might want to be in a big hurry." It makes sense that EV sales are at a record pace through the first six months of the year, according to KBB data, and the end of the tax credit could lead to a third-quarter boom, with the bottom falling out in the fourth quarter. Watch this: Optimizing Your EV's Efficiency Is Easier Than You Think 07:14 What is the EV tax credit? Right now, the federal government provides a credit of up to $7,500 for a new electric vehicle, plug-in hybrid or fuel cell electric vehicle. The credit is split into two equal parts, with a $3,750 credit each if the vehicle meets requirements for the sourcing of materials for the battery components and critical materials. Because of those requirements, only a handful of vehicles qualify. You do need to meet some income limits -- you can't have taxable income above $150,000 if you file individually, $300,000 if you're married filing jointly or $225,000 if you file as head of household. There's also a credit for used EVs equivalent to 30% of the sales price up to $4,000. The list of qualifying vehicles here is more extensive, but the used EV market is also a lot smaller than the new EV market. Although that has been changing -- more than 100,000 used EVs were sold in the US in the second quarter of the year, compared with more than 300,000 new EVs, according to KBB data. To get the credit, you can either claim it on your tax return the following year or you can transfer the credit to the dealer so they can apply it to your purchase cost. That second option has become more popular since it's easier and reduces your up-front cost. You can also get the credit on leased vehicles. Dealerships are very familiar with applying credits toward leased EVs, Tucker said. Should I buy an EV now before the credit ends? The most important part of deciding whether to buy a car is to buy one when you're ready to. Don't rush into a big purchase just because a tax credit is ending. The fact is that EVs are coming down in price and are often similar, when you consider the total cost of ownership, to the price of a gasoline-powered car. You should also consider that not every EV qualifies for this credit anyway -- the one you're eyeing might not see any change in pricing, at least not due to the credit expiring. (Tariffs are another issue.) But the end of the credit does mean dealers will likely be looking to reduce their stock of electric cars by the end of September. That means if you're in the market and you're eyeing one of the qualifying vehicles, you may want to move to make a purchase before October, Tucker said. There could be more strategy at play. Tucker suggested looking at dealers that have significant stocks of EVs, which may offer steeper discounts to get them off the lots before the prices go up. The best time to buy might be mid- or late September, right before the credit ends, to get the best deal possible. "If I tell you it's your last chance to save $7,500 on something, that's a sentence you don't hear very often," Tucker said. Don't let this moment overwhelm other good car-buying advice, though. Tucker advises that one of the best ways to get a good deal is to buy a vehicle that's right for you most of the time, even if it doesn't necessarily meet every possible scenario you can think of. Do you really need a third row of seating if you'll only use it when company is in town? Do you need a big pickup truck if you're mostly just hauling yourself to the office? CNET's auto expert, Antuan Goodwin, suggests reevaluating your car-buying goals to save money. For example, Goodwin says, instead of a top-tier model, consider a mid-trim level with only the features you truly need. You can also consider low-mileage, pre-owned cars or leasing as alternatives to buying new. "If going electric would stretch your budget, exploring combustion alternatives like plug-in or traditional hybrids are good compromises," Goodwin said. "That's mostly because I don't want to dissuade anyone who's 'set on going electric' from doing so, but for someone on the fence, alternatives exist."
RNZ News
29-05-2025
- Business
- RNZ News
Watch: Christopher Luxon and Nicola Willis speak in Rangiora
They have been visiting Sutton Tools - a company whose factory in Kaiapoi went up in flames after a fire which was started accidentally in January 2022. Last year, Star News reported that the construction of Sutton Tools' new $20 million factory in Rangiora was scheduled to open early in 2025. The visit comes following the government's Budget announcement of a tax incentive targeting businesses . The Investment Boost policy would allow a business to immediately deduct 20 percent of the cost of a new asset on top of depreciation. The policy came into force immediately, and applies to assets purchased in New Zealand as well as new and used assets imported from overseas. "It includes commercial buildings but excludes land, residential buildings, and assets already in use in New Zealand." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
29-05-2025
- Business
- RNZ News
Watch live: Christopher Luxon and Nicola Willis speak in Rangiora
They have been visiting Sutton Tools - a company whose factory in Kaiapoi went up in flames after a fire which was started accidentally in January 2022. Last year, Star News reported that the construction of Sutton Tools' new $20 million factory in Rangiora was scheduled to open early in 2025. The visit comes following the government's Budget announcement of a tax incentive targeting businesses . The Investment Boost policy would allow a business to immediately deduct 20 percent of the cost of a new asset on top of depreciation. The policy came into force immediately, and applies to assets purchased in New Zealand as well as new and used assets imported from overseas. "It includes commercial buildings but excludes land, residential buildings, and assets already in use in New Zealand." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
26-05-2025
- Business
- RNZ News
Watch: Christopher Luxon and Nicola Willis speak in Auckland
Prime Minister Christopher Luxon and Finance Minister Nicola Willis are speaking to the media in Auckland. Luxon and Willis have been visiting Griffins Foods in Papakura following the government's Budget announcement of a tax incentive targeting businesses . The Investment Boost policy would allow a business to immediately deduct 20 percent of the cost of a new asset on top of depreciation. The policy came into force immediately, and applies to assets purchased in New Zealand as well as new and used assets imported from overseas. "It includes commercial buildings but excludes land, residential buildings, and assets already in use in New Zealand." On Budget Day, Willis said there was no cap on the value of eligible investments and all businesses could benefit. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
