New Jobs Act gives write-offs to low budgets

President George W. Bush on Oct. 22 signed into law H.R. 4520, the American Jobs Creation Act. The law supplies tax write-offs to film and television productions that have budgets between $1 and $15 million, and spend at least 75% of their compensation for services in the United States.

The legislation has a provision which provides write-offs to films with budgets up to $20 million when their aggregate costs are significantly incurred in designated low income communities.

“Film and television productions, and the thousands of jobs and millions of dollars in revenue they provide, have today one more solid reason to stay in America,” said Michael Apted, DGA president.

“With the new incentives provided in the legislation, uniquely American stories can now be more easily shot in the American towns, cities, and rural areas where they are set – protecting one of our most valuable national resources – our creativity,” he stated.