Hollywood Unions Warn of Historic Decline in Audiovisual Production; Congress Debates Tax Incentive

An EY report shows domestic participation in major film budgets has fallen sharply since the late 1990s, prompting unions to warn of a historic production decline. Congress is debating a federal tax incentive to counter the trend, but passage remains uncertain. The shift reflects structural changes in global production economics, with potential implications for U.S. cultural output and employment.