The Motion Picture Association, which represents seven major entertainment studios, congratulated Donald Trump on Wednesday on his victory in the presidential race.
In a statement, the Hollywood trade group also congratulated the incoming Congress as Republicans took control of the Senate, saying it looks forward to working on issues affecting the industry.
“We look forward to working with them on a wide range of important issues for the film, TV and streaming industries, which support more than 2.7 million American jobs, more than 240,000 businesses in cities and small towns across the entire country drives and provides more than $242 billion in wages to our workforce annually,” the association said. “We commend everyone who worked this year to ensure fair elections and preserve our country’s legitimate democratic processes.”
The statement contrasted with the general reaction among Hollywood figures, which tended toward despair.
The MPA hopes to expand the provisions of Trump’s 2017 tax law, including the ability to deduct the entire cost of film and TV production immediately, rather than spreading it over multiple tax years.
The association is also interested in other federal policies that would boost domestic film production, including a tax incentive similar to state programs. Rep. Adam Schiff, a Democrat who was elected to the Senate on Tuesday, called for such a tax stimulus in a recent letter to the Bureau of Economic Analysis and the Bureau of Labor Statistics.
The entertainment industry is one of the top US export industries, accounting for a trade surplus of $10.3 billion in 2022. The MPA has warned that other countries – including Britain, Canada, India and Australia – have introduced aggressive subsidies to boost their domestic film production to build up. and the TV industry, leading to renewed concerns about “runaway production.”
Trump has made no commitments in this area. Congress is expected to work next year to extend and adjust the provisions of Trump’s latest tax measure, many of which were set to expire in 2026.
The MPA also lobbies on issues such as artificial intelligence, copyright and the fight against online piracy.