Copyright Term Extension Act

Copyright Term Extension Act - Amends Federal copyright provisions regarding preemption of laws concerning duration of copyrights.

(Sec. 2) Prohibits the annulment or limitation of rights or remedies under State laws with respect to sound recordings fixed before February 15, 1972, until February 15, 2067 (currently, 2047).

Extends the duration of copyright in a work created on or after January 1, 1978, to the life of the author and 70 (currently, 50) years after the author's death. Makes the same extension with regard to joint works created on or after such date.

Extends the duration of copyright in anonymous or pseudonymous works or works made for hire on or after such date to 95 (currently, 75) years from the year of the first publication, or 120 (currently, 100) years from the year of creation, whichever expires first. Makes conforming extensions with respect to provisions regarding the presumption of an author's death.

Extends from December 31, 2027, to December 31, 2047, the duration of copyright in works published on or before December 31, 2002.

Extends the duration of copyrights in their renewal term at the time of the effective date of this Act to 95 years from the date such copyrights were originally secured.

Permits an author or owner of a termination right, subject to certain conditions, to terminate a transfer or license of a renewal (executed before January 1, 1978) of a copyright (other than a work made for hire) subsisting in its renewal term on the effective date of this Act, for which the termination right has not been exercised, and has expired, by such date. Allows termination of a transfer or license grant at any time during the five years beginning at the end of 75 years from the date the copyright was originally secured.

(Sec. 3) Revises provisions regarding termination of certain transfers and licenses granted by the author or covering extended renewal terms to provide that if the author's widow, widower, children, and grandchildren are not living, the author's executors shall own his or her entire termination interest or, in the absence of a will, the author's next of kin shall own such interest on a per stirpes basis according to the number of such kin represented. Requires the share of the children of a dead next of kin at the same level of relationship to the author eligible to take a share of termination interest to be exercised only by the action of a majority of them.

(Sec. 4) Allows, during the last 20 years of any term of copyright of a published work, a library or archives to reproduce, distribute, display, or perform in facsimile or digital form a copy or phonorecord of such work for purposes of preservation, scholarship, or research after determining that none of the following conditions apply: (1) the work is subject to normal commercial exploitation; (2) a copy or phonorecord of the work can be obtained at a reasonable price; or (3) the copyright owner or its agent provides notice that either of such conditions applies. Provides that such exemption does not apply to any subsequent uses by users other than such library or archives.

(Sec. 5) Expresses the sense of the Congress that owners of copyrights for audiovisual works for which the term of copyright protection is extended by the amendments made by this Act, and the screenwriters, directors, and performers of those audiovisual works, should negotiate in good faith in an effort to reach a voluntary agreement or voluntary agreements regarding the establishment of a fund or other mechanism for the amount of remuneration to be divided among the parties for the exploitation of those audiovisual works.