119th Congress
S. 5552: Motion Picture, Television, and Entertainment Revitalization Act
A bill to amend the Internal Revenue Code of 1986 to provide a tax credit for American film and television productions, and for other purposes.
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes a federal business tax credit for a percentage of the compensation paid for services performed in the United States related to a qualified film or television production. (Conditions and exceptions apply.)
The bill defines a qualified film or television production as any production that is
- a feature film, television pilot, or television season;
- produced in the ordinary course of business for commercial purposes;
- capitalized;
- completed during the tax year with more than $1 million in total costs; and
- filmed in the United States for 75% of the photography days.
Read the full summary
Under the bill, various types of programming are not a qualified film or television production, including news programs, live sporting events, and programming intended primarily for social media platforms.
The amount of the tax credit is 20% (base tax credit percentage) of the compensation paid for services performed in the United States related to a qualified film or television production. The base tax credit percentage increases by increments of 5% (up to a maximum tax credit percentage of 30%) if
- at least 30% of the production is filmed in a federally declared disaster area or rural qualified opportunity zone,
- the production is independently produced, or
- the production meets certain multi-state or increased domestic production requirements.
Special rules apply to animations, visual effects productions, and post-production activities.
Finally, the tax credit may be transferred to an unrelated third party in exchange for cash.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Cornyn R-TXOriginal
- Adam Schiff D-CAOriginal
- Raphael Warnock D-GAOriginal
- Steve Daines R-MT
- Andy Kim D-NJ
- Bernie Moreno R-OH
- Alejandro Padilla D-CA
- Tim Sheehy R-MT
- Mark Warner D-VA
Who scored on this bill
- 1Tim Scott SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Tim Scott.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.