U.S. Financial Bailout Brings New Amendment To Section 181 for the Deduction of Film Costs

The new $700 billion U.S. financial bailout bill included some tax zingers to buy off House of Representative votes. One such zinger was an extension and amendment to Internal Revenue Code Sec. 181, which now provides a deduction for the first $15 million of the cost of certain films produced in the U.S. This article summarizes Sec. 181, including the impact of the Amendment and the IRS Temporary Regulations issued last year.

27 minute readOctober 29, 2008 at 03:13 PM
By
Schuyler M. Moore
U.S. Financial Bailout Brings New Amendment To Section 181 for the Deduction of Film Costs

The new $700 billion U.S. financial bailout bill included some tax zingers to buy off House of Representative votes. One such zinger was an extension and amendment (“the Amendment”) to

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