Cinefile

Filmmaker Magazine shared a brass tax iteration behind the Section 181 Film Tax Bill news:

"Filmmaker Justin Eugene Evans forwarded me news that an extension of Section 181, the film production tax break, was included in the bill signed by President Obama today. Here, reprinted with permission, is an email containing the news.

Dear Film Professionals -

Section 181 has finally been renewed! The new Tax Bill was signed into law by President Obama earlier today. The tax law includes Section 744, which includes language that replaces IRC Section 181′s expiration date of December 31, 2009 with December 31, 2011.

Here is what this means:

1.) Any money spent on qualifying domestic film production* in 2010 now qualifies for the Section 181 tax write-off.
2.) Any money spent on qualifying domestic film production* in 2011 will also qualify for the Section 181 tax write-off.
3.) There is no gap in Section 181 protection…which means all the fear and worry that someone might have begun a project in 2009, somehow didn’t get the financing in place and investors invested in early 2010 can now breath a sigh of relief."