WASHINGTON, D.C. — The International Alliance of Theatrical Stage Employees (IATSE) indicated its support for U.S. Representative Adam Schiff’s recent letter to the U.S. Bureau of Labor Statistics (BLS) and U.S. Bureau of Economic Analysis (BEA) requesting statistics relevant to ensuring the United States maintains its standing as a leader in the film and television production industry. Congressman Schiff’s letter to both bureaus highlights the impact of international tax policy on American jobs and the urgency of introducing a competitive labor-based federal production tax incentive to keep film and television made in America.
Countries like the United Kingdom, Australia, and others have recently escalated their federal incentive and subsidy structures to lure productions from the United States. This has been one of the many forces which have resulted in a persistent economic downturn in the U.S. film and TV industry — with production in 2023 and 2024 down significantly compared to 2022. While states like California, New York, Georgia, and New Jersey have offered tax credits for production, and these have generated billions in local economic output and created thousands of jobs, in recent years state incentives have not been enough to prevent productions from moving overseas.
“The proposal to implement a federal incentive would level the playing field and address this imbalance,” said IATSE International President Matthew D. Loeb. “We support the concept of a federal incentive for the creation of film and TV, provided the plan also has mechanisms to uphold labor standards. We are committed to saving America’s entertainment industry, and we look forward to working with our members, local unions, allies, and lawmakers at all levels to get it done.”
With this announcement, IATSE joins the Congressman in urging the BLS and BEA to gather and release data on the impact of foreign production incentives on U.S. jobs and local communities. The union is confident the data will reveal what members already know: That productions choose where to locate based on the incentives, infrastructure, and talent available; that productions directly and indirectly drive spending which ripples benefits through local economies via the multiplier effect, and that legislation is needed urgently to save the cultural institution that is American film and television production.
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ANI | Updated: Nov 02, 2024 06:48 IST Wiscon