The Motion Picture Association of America is applauding the Senate's tax reform bill, which is being marked up in the Finance Committee.
In addition to slashing the corporate tax rate, the bill as amended this week by Senate Finance Committee Chairman Orrin Hatch (R-Utah) now expands the definition of property eligible for 100% first-year expensing to film, television and live theatrical productions, something the film and TV industry was pushing for.
That means studios can write off the full amount, rather than having to spread the tax break over several years.
“The U.S. film and television industry supports two million American jobs and is comprised of tens of thousands of small businesses across all 50 states," said MPAA CEO Charles Rivkin. "Meaningful tax reform, as reflected in the Senate plan, will encourage economic growth and job creation in American industries, including film and television.
Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.
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