00:00The Hollywood tax credit could soon be a reality.
00:03A bipartisan bill has been introduced in the House of Representatives
00:06that would provide a 20% tax credit to films and television productions
00:11that are made in the United States.
00:13That 20% could go up to 30% if the productions take place
00:18in President Trump's Opportunity Zones,
00:20which are special areas designated for investment in minority communities,
00:25especially in urban areas.
00:26And they could also get an additional 5% if they are produced in federally declared disaster zones.
00:31The bill has been introduced by a Republican from Texas, Nathaniel Moran.
00:35It is called the Motion Picture Television and Entertainment Revitalization Act.
00:40It also has support from Democrats like Senator Adam Schiff from California.
00:44So it does look like this has the momentum to pass and to be signed.
00:48And it would be a big win for President Trump as well as for his Hollywood ambassadors,
00:52especially Academy Award-winning actor John Voight.
00:56He has lent his prestige, his experience in political advocacy to this effort,
01:01and it appears to be working.
01:02Now, critics will say that this is not going to be enough to save Hollywood,
01:06that there need to be changes in the power of the unions,
01:08there need to be changes in the business environment in general in California,
01:11the high costs, the high taxes.
01:13And it does show that when it comes to saving Hollywood,
01:16Democrats and Republicans can still come together
01:18under the leadership of President Donald Trump.
