English: The bill exempts from amusement tax all locally produced creative materials which copyright is owned by Filipinos and from local productions with at least 10% equity owned by Filipinos. It also grants the film and music industries a tax holiday of two years. The bill likewise lowers the cap for amusement tax collection under the Local Government Code to five percent from the current 10 percent.
Filipino: Ayon sa panukalang batas, exempted sa amusement tax ang locally produced na creative materials kung saan Pilipino ang may copyright, at ang local productions na hindi bababa sa 10% na pagmamay-ari ng Pilipino. May tax holiday din na aabot ng dalawang taon ang film at music industries. Bababa naman ang amusement tax collection sa ilalim ng Local Government Code sa limang porsyento mula sa umiiral na 10 porsyento.