IRS Section 181 Film Production Incentives UPDATE
Many of us have been waiting patiently for any news about whether the federal film production tax incentives made possible under IRS Section 181 will be extended.
The bill has passed both the House of Representatives and Senate. Many of our readers have asked when the bill will make it into law. I have it on very good authority that the single holdup (other than the President’s signature) is the enactment of enabling legislation. Essentially, the two bills to address the issue must be reconciled and a single piece of legislation must be enacted to make the bill into law.
While I am certain that many of you are breathing sigh a relief, I caution against a headliong rush to “sell” investors on its use at this time. While the Section 181 will provide extraordinary incentives for investors, it is too soon to to start making promises about their availability, as some have suggested.
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