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in Filmmaking
on Dec 23, 2009

Perhaps you’ve gotten into the habit of phoning your elected representatives about issues like, I don’t know, health care… Well, if you are a working film producer you might add one more call to your phone sheet. Section 181, which allows investors to write off the cost of film production in the first year of expenditure, has been a real incentive to the independent film business over the last few years. It is due to expire December 31, but there is a possibility it will be extended. The extension vote has passed the House and is now waiting Senate passage and Obama’s signature. It’s included within H.R. 4213. Time is running out — make your voice heard about this important piece of legislation!

(Hat tip: Noah Harlan.)

UPDATED: A reader, Joe Gold, posted this link to a letter written by Senators Max Baucus and Chuck Grassley to Senator Harry Reid announcing their intention to take up the extension of various tax provisions, including, apparently, 181, as soon as possible in the New Year. They wrote:

“Although the House and Senate were unable to come to agreement on a package to extend several expiring tax provisions before Congress adjourned, these measures must be addressed as soon as possible. These expiring tax provisions help American families and businesses and address some of our most urgent national priorities, including job creation, at a critical time in our nation’s economic recovery. Expiration of these provisions makes it difficult for taxpayers to fully and effectively realize the intended benefits by creating uncertainty and complexity in the tax law. In an effort to provide a seamless extension of these provisions with the fewest disruptions and administrative problems, we will take up legislation as quickly as possible in the new year.”

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