Motion Picture, Television, and Entertainment Revitalization Act

New tax credit for U.S. productions

If enacted, the bill would create a new American film and television production tax credit. The credit would equal an applicable percentage times qualified U.S. compensation, with a 20% base rate and possible 5‑percentage‑point bonus increases for things like rural Opportunity Zones, disaster areas, independent producers, and multi‑State activity. Productions must cost more than $1,000,000, have at least 75% of principal photography days in the U.S., and start filming in taxable years after December 31, 2026. The credit could be refundable or nonrefundable, would be transferable, and would reduce the tax basis of the related property; Treasury would be able to require reporting and issue rules. Qualified compensation would include U.S. wages and contractor pay charged to capital account but would exclude participations and residuals. Qualified post‑production and visual‑effects work can qualify if 75% of those costs are incurred in the U.S., while many program categories (for example news, live sports, talk shows, ads, and social‑media content) would be excluded.