November 4, 2004 - On October 22, 2004, President George W. Bush 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 up to $15 million, and spend at least 75 percent 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.

“For filmmakers working in the lower budget category, it's great that there is this opportunity to help finance their films,” Michelle Byrd, Executive Director of IFP/New York said. “The lion's share of production companies and producers working on the more prestigious and specialized films are based out of New York City, so the legislation will have a direct impact on the industry here.”

“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,” Michael Apted, President of the Directors Guild of America, said. “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.”

As the independent film capital of the United States, the New York City industry in particular stands to benefit from the legislation, which complements the “Made in NY” Incentive Program unveiled last month.