POL 128 Chapter 5: Reading #5
9 Mar 2017
School
Department
Course
Professor
Document Summary
A new pop culture had emerged, driven by rock bands such as the beatles. Television, too, had become a dominant force: throughout the late 1960s, the studios had suffered a string of hugely expensive flops. The american economy being in recession was one of the reasons for this unhappy state of affairs: for the first time, hollywood looked to washington for a helping hand. In 1971, senator thomas kuchel put forward the domestic film production. Incentive act, under whose terms 20% gross income from distribution and export of any film mane in the u. s. would be exempt from tax. The tax legislation provided hollywood with a direct stimulus to increase movie exports: the revenue act enabled studios to create subsidiaries know as domestic. His amendment was eventually defeated and the credit was retained until mid- 1980s, which is was no longer need b/c hollywood returned to financial health.
