Bill > HR4878

This bill, titled the Facilitating Investments in Local Markets Act (or FILM Act), amends the Internal Revenue Code of 1986 to extend special tax expensing rules for certain film and television productions and to introduce similar expensing benefits for live theatrical productions. Specifically, it extends the deadline for these film and television production rules from December 31, 2013, to December 31, 2015. Furthermore, it allows for the expensing of costs associated with "qualified live theatrical productions," which are defined as live staged plays (with or without music) derived from a written script, produced in venues with an audience capacity of no more than 3,000, and where at least 75 percent of the total compensation is "qualified compensation." This provision aims to encourage investment in local entertainment industries by providing tax incentives for both film and live theater.