President Trump on Monday said he supports a tax incentive to retain Hollywood production in the U.S.

President Trump on Monday said he supports a tax incentive to retain Hollywood production in the U.S.

The bill already had bipartisan support, but Republican lawmakers especially seemed to be waiting to see if the President would support the idea.

Funds spent on tax breaks for Hollywood would be made up “tenfold" by money pouring into the Treasury Department’s coffers, Trump said.

Work to introduce legislation for a government production subsidy is already underway.