Rep. Yongho Lee Proposes Bill to Support Video Content Production and Investment

Extension of Production Cost Tax Credit Application Period and Increase in Tax Credit Rate
Addition of OTT Video Content to Special Cases, Establishment of Investor Tax Credit

A bill to strengthen support for video content production and investment has been proposed.

On the 31st, Lee Yong-ho (People Power Party), a member of the Culture, Sports and Tourism Committee, introduced the "Partial Amendment to the Restriction of Special Taxation Act" as the main proposer. The bill aims to extend the special tax credit period for video content production costs and increase the tax credit rate. It also includes adding OTT video content to the scope of the special tax credit and establishing a tax credit system for investors in video content production.

Lee explained the background of the proposal, saying, "Domestic video content has proven its excellence globally, but government policy support is still insufficient." The United States began providing tax support for video content in 2002. The United Kingdom offers tax support even when losses occur in video content.

Lee stated, "While other countries spare no delicate tax support, domestic video content recognized worldwide does not receive adequate support," adding, "We will spare no policy backing to create an environment where producers and investors can work freely without fear of failure."

Meanwhile, on the same day, Lee also introduced the "Partial Amendment to the Copyright Act," which includes provisions to promote artificial intelligence learning while protecting creators' rights.

This content was produced with the assistance of AI translation services.