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 chair 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.