Congress introduces bipartisan legislation creating national film tax credit

Lawmakers in both chambers of Congress introduced bipartisan legislation on Thursday to create a national film tax credit that would incentivize Hollywood productions to stay in the United States.

The bill, called the Motion Picture, Television, and Entertainment Revitalization Act, has been a long time in the making and comes at a time when film and television productions have been increasingly fleeing the U.S. for foreign countries with competitive tax incentives.