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February 15th, 2018
New Federal Budget Revives Section 181
Among the provisions of the Bipartisan Budget Act of 2018 passed by Congress and signed by the President on February 9 is a retroactive extension of Internal Revenue Code Section 181. Prior to passage of the Budget Act, Section 181 permitted an immediate tax deduction of production costs for US film, TV or live stage productions as incurred, subject to certain limits on the amount of production costs that were deductible and to making an election under Section 181, but only if the production started on or before Dec. 31, 2016. Production costs for a production that started on or after January 1, 2017 were not eligible for an immediate tax deduction after the law expired on Dec. 31, 2016. The Budget Act retroactively restores the deductibility of production costs with respect to any such project that began in 2017.
This is different from the provisions in the Tax Cuts and Jobs Act affecting the deductibility of qualified film, TV and live stage production costs (which we recently wrote about here). The Tax Cuts and Jobs Act made changes to the immediate deduction of such costs incurred after September 27, 2017 with respect to productions placed in service after that date.
For further information about how and when to use Section 181 treatment, please contact Thomas D. Selz at (212) 826 5535 or email@example.com, Bernard C. Topper at (212) 826 5547 or firstname.lastname@example.org or Jeffrey M. Marks at (212) 826 5536 or email@example.com.
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