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January 3rd, 2013
Fiscal Cliff Legislation Renews Section 181 Production Incentives
The fiscal cliff legislation, signed yesterday by President Obama, contains a number of provisions relating to US taxes, including an extension of Section 181 of the Internal Revenue Code. That's good news for film and television producers.
Briefly stated, the extension means that the qualifying costs of any films or TV episodes produced in the United States can now be deducted in the year incurred (even prior to delivery of the film). Importantly, the reinstated Section 181 applies retroactively to films that commenced principal photography on and after January 1, 2012. This may provide an unexpected significant tax benefit to films or TV episodes already produced in 2012. These productions should consider whether they satisfy the tests for Section 181, the impact of a current deduction on a production''s underlying economic arrangements and the timing for making a required Section 181 election (i.e., the required Section 181 election is made with the filing of the tax return for the period during which the film or TV episode was produced and some productions may be contemplating the filing of a short first taxable year to accelerate the receipt of a state tax incentive.)
On a going forward basis, the reinstated Section 181 will apply to films and TV episodes whose principal photography commences on or before December 31, 2013.
If you wish further information about how the benefits of Section 181 may apply to your production, or how to take advantage of Section 181 for productions that started principal photography during 2012, please contact Tom Selz at (212) 826 5535 or email@example.com, or Bernard Topper at (212) 826 5547 or firstname.lastname@example.org.
Other Entertainment Law Alerts
Major Studios and Guilds Forge New COVID-19 Production Safety Agreement
As production begins to restart in an ever changing COVID-19 landscape, The Alliance of Motion Picture and Television Producers (AMPTP) and other major studios announced an important deal with the DGA, IATSE, Teamsters, Basic Crafts, and SAG-AFTRA -- meant to ensure the safety and security of their members during the upcoming months. Read more.
September 22 2020
New York City Reopens for Film and Television Production
On July 17, 2020 NYC Mayor Bill de Blasio announced that, with the City entering Phase Four of Reopening on Monday July 20th, 2020, film and television production in the City can restart again in earnest. Read more.
July 21 2020
Los Angeles County Authorizes Television, Film, and Music Production Resume on June 12, 2020 With Strict Regulations
On June 11, Los Angeles County approved a staged resumption of film and TV production beginning June 12, 2020. However, it comes with extensive regulations. Read more.
June 16 2020