Title: LIFTT Act
Policy area: Taxation

Summary:
Lift Investment in Film, Television, and Theater Act or the LIFTT Act
This bill amends the Internal Revenue Code to permanently extend provisions that allow taxpayers to elect to expense the costs of qualified film, television, and live theatrical productions.
The bill also modifies the rules for electing to expense the costs. Under current law, an election to expense the costs of a film, television, or live theatrical production must be made by the due date for filing a tax return for the year in which the costs are first incurred. With respect to live theatrical productions, the bill modifies the rule to require an election to be made by the due date for filing a tax return for the taxable year in which the production holds its first public performance for a paying audience.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1469 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1469

To amend the Internal Revenue Code of 1986 to extend tax incentives to 
   permanently extend the special expensing rules for certain film, 
  television, and live theatrical productions, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 28, 2017

   Mr. Blunt (for himself, Mr. Schumer, Mr. Isakson, and Mr. Cardin) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to extend tax incentives to 
   permanently extend the special expensing rules for certain film, 
  television, and live theatrical productions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Lift Investment in Film, Television, 
and Theater Act'' or the ``LIFTT Act''.

SEC. 2. PERMANENT EXTENSION OF EXPENSING OF QUALIFIED PRODUCTIONS.

    (a) Permanent Extension.--Section 181 of the Internal Revenue Code 
of 1986 is amended by striking subsection (g).
    (b) Modification of Rules for Election.--Paragraph (1) of section 
181(c) of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``for the taxable year in which'' and 
        inserting ``for--
            ``(1) in the case of a qualified film or television 
        production, the taxable year in which'';
            (2) by striking the period at the end and inserting ``, 
        and''; and
            (3) by adding at the end the following new paragraph:
            ``(2) in the case of a qualified live theatrical 
        production, the taxable year in which such theatrical 
        production holds its first public performance.''.
    (c) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to productions commencing after December 31, 2016.
            (2) Commencement.--For purposes of paragraph (1), the date 
        on which a qualified live theatrical production commences is 
        the date of the first public performance of such production for 
        a paying audience.
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