One of the most talked-about topics at this year’s Creative Investors’ Conference, held during the San Sebastián Film Festival, is the potential introduction of a U.S. federal tax credit for film production. Such tax credits are financial incentives designed to encourage businesses to invest in certain industries by allowing them to reduce their tax liability. At a panel titled “Europe’s Current Challenges and Opportunities,” Lorenzo de Maio of De Maio Entertainment expressed skepticism about the impact such a credit might have on Europe’s film industry. He argued that while the U.S. tax credit could lure some production activity to American soil, it is unlikely to significantly affect the existing incentives that European countries already offer to filmmakers. De Maio highlighted the unique advantages of the European film market, which includes access to a highly skilled workforce, rich cultural diversity, and a network of established film festivals. He also noted that the European film industry has been growing steadily over the past decade, supported by both government policies and private investments. This growth has made Europe an attractive destination for filmmakers seeking creative opportunities and financial support. The panel discussion underscored the ongoing competition between the United States and Europe for film production. While the U.S. offers large-scale production capabilities and a well-established entertainment industry, Europe provides a more diverse and culturally rich environment for storytelling. Several attendees at the conference expressed interest in hybrid production models that could leverage the strengths of both regions, combining the technical and financial resources of the U.S. with the creative and cultural assets of Europe. The panel also addressed the challenges of implementing a federal tax credit in the U.S., including the need for regulatory approval and potential opposition from various stakeholders. These stakeholders may include other countries that benefit from current production incentives or industry groups that may see the credit as a distortion of market dynamics. Overall, the discussion emphasized the importance of maintaining a balanced approach to film production incentives, ensuring that both the U.S. and Europe continue to offer attractive conditions for filmmakers.