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new fed film incentive Subtitle B

new fed film incentive Subtitle B - Subtitle...

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Subtitle B--Manufacturing Relating to Films SEC. 321. SPECIAL RULES FOR CERTAIN FILM AND TELEVISION PRODUCTIONS. (a) IN GENERAL- Part VI of subchapter B of chapter 1 is amended by inserting after section 180 the following new section: `SEC. 181. TREATMENT OF QUALIFIED FILM AND TELEVISION PRODUCTIONS. `(a) ELECTION TO TREAT CERTAIN COSTS OF QUALIFIED FILM AND TELEVISION PRODUCTIONS AS EXPENSES- `(1) IN GENERAL- A taxpayer may elect to treat the cost of any qualified film or television production as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction. `(2) DOLLAR LIMITATION- `(A) IN GENERAL- The aggregate cost which may be taken into account under paragraph (1) with respect to each qualified film or television production shall not exceed $15,000,000. `(B) HIGHER DOLLAR LIMITATION FOR PRODUCTIONS IN CERTAIN AREAS- In the case of any qualified film or television production the aggregate cost of which is significantly incurred in an area eligible for designation as-- `(i) a low-income community under section 45D, or `(ii) a distressed county or isolated area of distress by the Delta Regional Authority established under section 2009aa-1 of title 7, United States Code, subparagraph (A) shall be applied by substituting `$20,000,000' for `$15,000,000'. `(b) AMORTIZATION OF REMAINING COSTS- `(1) IN GENERAL- If an election is made under subsection (a) with respect to any qualified film or television production, that portion of the basis of such production in excess of the amount taken into account under subsection (a) shall be allowed as a deduction ratably over the 36-month period beginning with the month in which such production is placed in service.
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