US film tax break 'no threat' to Europe, financiers say in San Sebastián
A federal tax break to keep more film shoots in the United States is not a threat to Europe's production business. That was the message from financier Lorenzo de Maio of De Maio Entertainment at the Creative Investors' Conference, held at the San Sebastián Film Festival, according to Variety.
The proposal in Washington would offer tax credits, a cut in tax bills linked to money spent, worth 20% to 30% of production costs for films made in the United States, NPR reported. Lawmakers and industry leaders were still pushing for the measure in September 2026, Spectrum Local News reported. One study put the impact of a 20% credit at about 143,500 jobs.
De Maio said a federal credit that could be stacked on top of existing state credits was a chance to rebuild American shooting capacity rather than drain work from Europe, Variety reported. He spoke on the panel titled “Europe’s Current Challenges and Opportunities.” The festival programme lists that session from 11:30 to 12:10, followed by “Rethinking the Old Models,” according to the festival.
The discussion was moderated by Tim Dams of Screen International, and De Maio had been billed as a speaker, Variety reported. The 2026 edition is formally called the San Sebastián-CAA Media Finance Creative Investors’ Conference, the festival says.
Producer Pauline Lamy of Why Not Productions said American equity was new for her company. Equity means upfront cash in exchange for a share of the film. That cash helps build films at a bigger scale, she told the panel, according to Variety.
De Maio also pointed to a home-market limit. He said 60% of European films open only in their own territory. Few travel further.
The wider conference agenda also covers the new United States landscape and a session built around Vincent Maraval of sales company Goodfellas, the festival says. Lessons from sales and sessions with Latin American film and television figures are also on the programme.
What makes this stand out for audiences is the link between finance and choice. Funding deals struck in rooms like this decide what gets made, and how widely it can be seen.
