Puerto Rico Film, Television, and Theatre Production Act of 2023

Bill: 118-hr-376
Sponsor: full_name: Rescom. González-Colón, Jenniffer [R-PR-At Large]
Introduced: 2023-01-17
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Performing arts

Puerto Rico

Television and film

U.S. territories and protectorates
Latest action: action_date: 2023-01-17
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-01-17
action_desc: Introduced in House
text: <p><strong>Puerto Rico Film, Television, and Theatre Production Act of 2023</strong></p> <p>This bill extends the expensing provisions for film, television, and theater productions to productions in Puerto Rico. (Expensing permits the write-off of property costs in the current taxable year rather than amortizing such costs over a period of years.)</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 376 IN THE HOUSE OF REPRESENTATIVES January 17, 2023 Mrs. González-Colón introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow accelerated depreciation of certain qualified film and television and live theatrical productions in Puerto Rico.

1. Short title This Act may be cited as the Puerto Rico Film, Television, and Theatre Production Act of 2023 . 2. Accelerated depreciation for certain qualified film and television and live theatrical productions in Puerto Rico (a) In general Section 181(d)(3)(A) of the Internal Revenue Code of 1986 is amended by inserting (including Puerto Rico) after United States . (b) Effective date The amendment made by this section shall take effect as if included in section 13201 of Public Law 115–97 . (c) Cross reference For application of accelerated depreciation to qualified film or television productions and qualified live theatrical productions (as defined in section 181 of the Internal Revenue Code of 1986, as amended by this section), see section 168(k)(2)(A) of the Internal Revenue Code of 1986.