“We need to bring Tom Cruise home,” is the rallying cry at the AFM this week as the US industry gets to grips with the possible impact of a federal filming incentive that could lure back totemic stars such as Cruise, who has made most of his most recent films outside the US.
The incentive could become live by January 1, 2027, said Josh Rogin, SVP, federal government affairs, Motion Picture Association (MPA), at the AFM. “We have moved very far, very fast, and we need to finish this.”
The transferable tax credit of up to 30% would apply to above-the-line talent. But when combined with state credits, notably California, this could rise to up to 57%.
“You will see investors and banks and funds come back into this industry,” suggested Steven Paul, president of SP Media Group.
He hinted at co-productions. “We want to say to our friends around the world, ‘we are working on alliances next’,”
There is no provision in the bill for co-productions, which would require separate legislation. However, Katie Pryor, co-founder of one of the bill’s supporters, FilmUSA and executive director of Baton Rouge Film Commission, also spoke on the panel. She told Screen that passing the bill would open the door to a future federal film office and co-productions.
The measure is being eyed carefully by international film commissions. France has amended its TRIP incentive to include non-EU actors, Italy is overhauling its incentives and cinema agency, and Fjord director Cristian Mungiu will attend the market and talk up Romania’s incentives on Saturday (November 14).
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