According to Variety, NFL star Travis Kelce will make his producing debut on the low-budget film My Dead Friend Zoe, the first to take advantage of tax credits from President Biden’s Inflation Reduction Act.
The film’s investors, including Kelce, used money generated from green energy entrepreneur Mike Field’s sale of surplus tax credits under the Act, which aims to advance clean energy and cut climate risks.
“Hollywood is risky, right? On a scale of one to 10, Hollywood, it is a 9.5. Especially in terms of independent film,” Radiant Media Studios’ Ray Maiello said.
Travis Kelce to make his debut as a film producer on the upcoming dramedy ‘My Dead Friend Zoe,’ Variety reports. pic.twitter.com/6Eahd3DMpo
— Pop Base (@PopBase) February 13, 2024
“These federal tax credits take the risk down to like a five.”
“[Field] and I wanted to branch out and we’ve been talking about [expanding] for years. And then Biden really incentivized it,” Maiello added.
“Biden saw that people can’t plan what their tax liabilities are going to be. People don’t want to take risks. And so he really opened it up with these federal tax credits and we’re combining that with Hollywood. That’s the idea,” he said.
Maiello and Field plan to use the same strategy to finance a documentary, potentially starting a trend of Hollywood projects leveraging Biden’s Act to raise funds and support the independent film sector.
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