3.0.0 1469 2023-01-11T13:37:33Z 2023-01-11T13:37:33Z Senate S 2017-06-28 115 ssfi00 Finance Committee Senate Standing Referred to 2017-06-28T21:22:23Z 2017-06-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-06-28 Introduced in Senate IntroReferral 10000 9 Library of Congress B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2017-06-28 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2017-06-28 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2017-06-28 True Taxation Business investment and capital Income tax deductions Performing arts Tax administration and collection, taxpayers Television and film Taxation 00 2017-06-28 Introduced in Senate 2017-11-02T16:50:10Z Lift Investment in Film, Television, and Theater Act or the LIFTT Act

This bill amends the Internal Revenue Code to permanently extend provisions that allow taxpayers to elect to expense the costs of qualified film, television, and live theatrical productions.

The bill also modifies the rules for electing to expense the costs. Under current law, an election to expense the costs of a film, television, or live theatrical production must be made by the due date for filing a tax return for the year in which the costs are first incurred. With respect to live theatrical productions, the bill modifies the rule to require an election to be made by the due date for filing a tax return for the taxable year in which the production holds its first public performance for a paying audience.

]]> LIFTT Act Display Title LIFTT Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to extend tax incentives to permanently extend the special expensing rules for certain film, television, and live theatrical productions, and for other purposes. Introduced in Senate IS Short Titles as Introduced LIFTT Act Short Titles as Introduced Lift Investment in Film, Television, and Theater Act Introduced in Senate 2017-06-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1469is/xml/BILLS-115s1469is.xml 2017-06-28 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.