Travis Kelce’s Film Debut Tied to Biden’s Inflation Reduction Act

TL/DR –

Kansas City Chiefs tight end Travis Kelce is set to make his debut as a film producer with the movie “My Dead Friend Zoe,” which is financed through President Joe Biden’s renewable energy tax credits. The film, a low-budget dark comedy, is the first to use the Inflation Reduction Act of 2022 to finance its production. Kelce, along with co-producers Ray Maiello and Mike Field, plan to use the same strategy for a second film, potentially setting a trend in Hollywood for using the Act to fund independent films.

Kansas City Chiefs’ Travis Kelce to Make Film Producer Debut, Financed by Biden’s Renewable Energy Tax Credit

Super Bowl winner and Kansas City Chiefs tight end Travis Kelce, also known for his relationship with pop singer Taylor Swift, is set to debut as a film producer. His production will be financed by President Joe Biden’s renewable energy tax credits.

Kelce’s venture into film production begins with the movie My Dead Friend Zoe, which will premiere at the SXSW film festival. It features a star-studded cast including Natalie Morales, Ed Harris, and Morgan Freeman. As reported by Variety, Kelce will hold an executive producer role for the film.

Financing for this low-budget dark comedy, which cost less than $10 million, comes from investors including Kelce. They are the first to leverage the 2022 Inflation Reduction Act to fund a film. The Inflation Reduction Act, passed in August 2022, is recognized as a significant investment in climate and energy. It is aimed at achieving the Biden-Harris Administration’s climate goals, including a net-zero economy by 2050, according to the U.S. Department of Energy’s website. Green energy entrepreneur Mike Field, also a producer of the film, sold surplus tax credits to generate funds for My Dead Friend Zoe.

According to Ray Maiello, co-runner of Radiant Media Studios, these tax credits significantly reduce the financial risk associated with movie production. “Hollywood is risky. These federal tax credits take the risk down to like a five,” he said.

Maiello further added, “Biden really incentivized it. He saw that people can’t plan their tax liabilities and don’t want to take risks. And so he really opened it up with these federal tax credits and we’re combining that with Hollywood. That’s the idea.”

This strategy of harnessing federal tax credits is not a one-off. Kelce, Maiello, and Field plan to use the same modus operandi for their next venture – a documentary. This approach could usher in a trend in Hollywood, using the Inflation Reduction Act to fundraise, thereby strengthening the indie film sector.