What are the key changes to Section 181 The Runaway Production Federal tax incentive?
Section 181, which was first enacted by Congress in 2004, was extended and modified as part of the financial rescue package recently passed by Congress and enacted into law on October 3, 2008. It was extended for one year for qualified productions that begin the first day of principal photography before January 1, 2010. Importantly, it was also significantly modified so that the first $15 million ($20 million in the case of productions in certain low-income and eligible areas of the country) of film and television may be immediately written-off for tax purposes. This now makes the incentive available for film and television productions of all sizes, small or large. In addition, the new rules are retroactive for all productions commencing after December 31, 2007.
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