H.R. 2450: FILM Act of 2017

The text of the bill below is as of May 16, 2017 (Introduced).

I

115th CONGRESS

1st Session

H. R. 2450

IN THE HOUSE OF REPRESENTATIVES

May 16, 2017

(for himself, Mr. Crowley, Mr. Smith of Missouri, Ms. Sánchez, Ms. Judy Chu of California, Mr. Donovan, Mr. Nadler, Mr. Carter of Georgia, Mr. Long, Mr. Correa, Mr. Collins of New York, and Ms. Meng) 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 extend the special expensing rules for certain film, television, and live theatrical productions.

1.

Short title

This Act may be cited as the Facilitating Investments in Local Markets Act of 2017 or the FILM Act of 2017.

2.

Extension of special expensing rules for certain film, television, and live theatrical productions

(a)

In general

Section 181(g) of the Internal Revenue Code of 1986 is amended by striking December 31, 2016 and inserting December 31, 2018.

(b)

Effective dates

(1)

In general

The amendments made by this section 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.