summary
Introduced
05/19/2015
05/19/2015
In Committee
05/19/2015
05/19/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
FILM Act Facilitating Investments in Local Markets Act Amends the Internal Revenue Code, with respect to the expensing of the costs of qualified film and television productions, to: (1) extend through 2016 provisions allowing such expensing, and (2) allow such expensing for the costs of certain live theatrical productions.
AI Summary
This bill, known as the FILM Act Facilitating Investments in Local Markets Act, amends the Internal Revenue Code to extend special expensing rules for certain film and television productions through December 31, 2016, allowing businesses to deduct the costs of these productions more quickly. Additionally, it introduces similar expensing benefits for qualified live theatrical productions, which are defined as live staged plays (with or without music) derived from a written script, produced by a taxable entity in venues with a capacity of 3,000 or fewer, and where at least 75 percent of the total compensation is "qualified compensation." This expansion aims to encourage investment in both the film and television industries and the live theater sector.
Committee Categories
Budget and Finance
Sponsors (27)
Doug Collins (R)*,
Marsha Blackburn (R),
Charles Boustany (R),
Buddy Carter (R),
Judy Chu (D),
Chris Collins (R),
Joseph Crowley (WFP),
Steve Israel (D),
Lynn Jenkins (R),
Bill Johnson (R),
Billy Long (R),
Carolyn Maloney (D),
Kenny Marchant (R),
Jerry Nadler (D),
Richard Neal (D),
Devin Nunes (R),
Erik Paulsen (R),
Charles Rangel (D),
James Renacci (R),
Kathleen Rice (D),
Cedric Richmond (D),
Loretta Sanchez (D),
Linda Sánchez (D),
Adam Schiff (D),
Jason Smith (R),
Patrick Tiberi (R),
Ann Wagner (R),
Last Action
Referred to the House Committee on Ways and Means. (on 05/19/2015)
Official Document
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