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December 17th, 2010
Tax Law Renews Section 181 Production Incentives
President Obama signed a new tax law that reinstates Section 181 of the Internal Revenue Code. That’s good news for film and television producers. Briefly stated, Section 181 permits an immediate tax deduction for up to the first $15 million of qualifying production costs (more in certain circumstances). Importantly, the reinstated Section 181 applies retroactively to films that commenced principal photography on and after January 1, 2010. This may provide an unexpected significant tax benefit to films already produced in 2010. Section 181 is an elective provision and a film production wishing to take advantage of it for a 2010 production will need to make an appropriate election. The election is made with the filing of the tax return for the period in which the film was produced. As a result, a film production company that has used (or is considering the use of) a short first taxable year, e.g., to receive a state film tax incentive refund, should consider what steps it may be able to take to utilize Section 181 for its 2010 film.On a going forward basis, the reinstated Section 181 will apply to films whose principal photography commences on or before December 31, 2011.
If you have any questions about this law or any other film or television finance matters, please contact Bernard Topper at (212) 826 5547 or email@example.com or Tom Selz at (212) 826 5535 or firstname.lastname@example.org.
Other Entertainment Law Alerts
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
California Will Permit Television, Film, and Music Production to Resume on June 12, 2020 Subject to County Public Health Approvals
As several production-heavy states announce the easing of stay-at-home orders and restrictions, the question of how to restart entertainment production in a safe manner has become paramount. Read more.
June 9 2020