Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Film Incentive Reform Act of 2014''.

SEC. 2. MODIFICATION AND EXTENSION OF ELECTION TO EXPENSE THE COST OF
QUALIFIED FILM, TELEVISION, AND THEATRICAL PRODUCTIONS.

(a) Extension.--Section 181(f) of the Internal Revenue Code of 1986
is amended by striking ''December 31, 2013'' and inserting ''December
31, 2015''.
(b) Modification of Qualified Film, Television and Theatrical
Productions to Which Section Applies.--
(1) In general.--Section 181(d) of such Code is amended to
read as follows:
''(d) Qualified Film, Television, or Theatrical Production.--For
purposes of this section--
''(1) In general.--The term 'qualified film, television, or
theatrical production' means--
''(A) any film or television production if 100
percent of the total compensation of the film or
television production is compensation for services
performed in the United States, and
''(B) any theatrical production if 75 percent of
the total compensation of the theatrical production is
qualified compensation.
''(2) Film or television production.--
''(A) In general.--The term 'film or television
production' means property described in section
168(f)(3).
''(B) Special rule for television series.--In the
case of a television series--
''(i) each episode of such series shall be
treated as a separate production, and
''(ii) only the first 44 episodes of such
series shall be taken into account.
''(3) Theatrical production.--
''(A) In general.--The term 'theatrical production'
means a live staged production of a play (with or
without music) which is derived from a written book or
script and is produced or presented in any venue which
has an audience capacity of not more than 3,000 or a
series of venues the majority of which have an audience
capacity of not more than 3,000.
''(B) Touring companies.--In the case of multiple
live staged productions for which an election under
this section is made by the same taxpayer and which
are--
''(i) separate phases of a production, or
''(ii) separate simultaneous stagings of
the same production in different geographical
locations (not including multiple performance
locations of any one touring production),
each such live staged production shall be treated as a
separate production.
''(C) Phases.--For purposes of subparagraph (B),
the term 'phase' refers to each of the following (but
only if the taxpayer treats each of the following as a
separate activity for all purposes of this title):
''(i) The initial staging of the
production.
''(ii) Subsequent additional stagings or
tourings of the production which are produced
by the same producer as the initial staging.
''(D) Qualified compensation.--
''(i) In general.--For purposes of
paragraph (1)(B), the term 'qualified
compensation' means compensation for services
performed in the United States by actors,
directors, musicians, producers, and other
production and post-production personnel.
''(ii) Participations and residuals
excluded.--For purposes of paragraph (1)(B) and
clause (i), the term 'compensation' does not
include participations and residuals (as
defined in section 167(g)(7)(B)).
''(4) Exception.--The term 'qualified film, television, or
theatrical production' shall not include any production if
records are required under section 2257 of title 18, United
States Code, to be maintained with respect to any performer in
such production.''.
(2) Conforming amendments.--
(A) Subsections (a)(1), (a)(2)(A), (a)(2)(B), (b),
and (c)(1) of section 181 of such Code are each amended
by striking ''any qualified film or television
production'' and inserting ''any qualified film,
television, or theatrical production''.
(B) Section 181(f) of such Code is amended by
striking ''qualified film and television productions''
and inserting ''any qualified film, television, or
theatrical production''.
(C) The heading of section 181 is amended by
striking ''qualified film and television productions''
and inserting ''qualified film, television, and
theatrical productions''.
(D) The item relating to section 181 in the table
of sections for part VI of subchapter B of chapter 1 of
such Code is amended to read as follows:

''Sec. 181. Treatment of certain qualified film, television, and
theatrical productions.''.
(c) Effective Date.--The amendments made by this section shall
apply to qualified film, television, and theatrical productions
commencing after December 31, 2013.
A:
Film Incentive Reform Act of 2014 - Amends the Internal Revenue Code to: (1) extend through 2015 the election to expense the cost of qualified film, television, and theatrical productions; and (2) include theatrical productions in such expensing allowance. Defines "theatrical production" as a live staged production of a play derived from a written book or script andproduced or presented in any venue which has an audience capacity of more than 3,000.