Tax deductions for film and TV production: extension and increased limits
This bill amends the Internal Revenue Code of 1986 to extend the deduction for film, television, and live theatrical productions through December 31, 2030. It increases the aggregate cost limitation for qualified productions to $30,000,000. For productions in certain areas, the limitation is increased to $40,000,000. The bill also introduces a cost-of-living inflation adjustment for these amounts for taxable years beginning after 2026.
Key points
Tax Deduction Extension: The expiration date for the deduction is extended from December 31, 2025, to December 31, 2030.
Increased Deduction Limit: The aggregate cost limit for qualified productions is raised to $30,000,000 (replacing previous references to $15,000,000).
Higher Limits for Specific Areas: For productions in certain areas, the limit is raised to $40,000,000 (replacing previous references to $20,000,000).
Inflation Adjustment: Dollar amounts will be adjusted for inflation for taxable years beginning in a calendar year after 2026.
Status:
Introduced
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.