President Trump on Monday declared his support for federal tax credits to support film and television production in the U.S., which entertainment industry veterans say could boost a struggling industry that has lost huge amounts of business to foreign countries.

Studios, labor unions, and members of Congress from production hubs including California have been waiting anxiously for Trump to signal his support for a federal incentive, which could make the legislation a reality in the Republican-controlled Congress.

In a post on platform Truth Social, Trump said he decided to endorse the idea after meeting with actor Jon Voight, a prominent Hollywood Republican who has been an adviser to the president on Hollywood-related issues.

"The amount of money spent on Tax Incentives will be made up tenfold by the money pouring into the Treasury's coffers," Trump wrote. "Meetings are being set up with the Leaders of both Parties in order to get this done. It should be Bipartisan, especially since so much money is being lost in California, and other largely Blue States."

Industry leaders have suggested a federal tax credit of 15% would, when added to the credits many states already offer, make the U.S. more competitive with the incentives and labor costs in Canada, the U.K., and Hungary, where many movies and TV shows are now produced. The president didn't suggest a specific figure for a tax credit in his post.

Last year Trump suggested the U.S. should impose tariffs on foreign-made films. The proposal went nowhere in part because movies aren't physical goods that pass through a port.

Entertainment workers in Los Angeles, Georgia and elsewhere are facing a severe shortage of work because of the exodus of production overseas and a downturn in the number of TV series being made.