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FEDERAL - IRC SECTION 181 MISCELLANEOUS December 31, 2010 President Obama signed the 2010 Tax Relief Act which among other provisions contains a provision to retroactively extend the sunset date of Section 181 through 2011. Designed to counter runaway production, Section 181 allows film and television producers to expense the first $15 million of production costs or the first $20 million (if a substantial amount of the costs are incurred in a low-income or an economically distressed community). A production is a qualified production if 75% of the total compensation is qualified compensation and the production is a "motion picture" or video. Qualified compensation means compensation for services performed in the United States by actors, production personnel, directors and producers. Participations and residuals are not considered qualified compensation. In the case of a television series, each episode is treated as a separate production. However, only the first 44 episodes are eligible for the deduction. For more information please contact: Joe Bessacini |
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