LIFTT Act

Bill: 115-s-1469
Sponsor: full_name: Sen. Blunt, Roy [R-MO]
Introduced: 2017-06-28
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Performing arts

Tax administration and collection, taxpayers

Television and film
Latest action: action_date: 2017-06-28
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2017-06-28
action_desc: Introduced in Senate
text: <p><b>Lift Investment in Film, Television, and Theater Act or the LIFTT Act </b></p> <p>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. </p> <p>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. </p>

tv_txt: II 115th CONGRESS 1st Session S. 1469 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.

1. Short title This Act may be cited as the Lift Investment in Film, Television, and Theater Act or the LIFTT Act . 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.